Paschal Donohoe (Dublin Central, Fine Gael)
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I am aware of the report referred to and I can confirm that while the Central Bank of Ireland cannot generally comment on interactions with regulated firms, Ulster Bank Ireland D.A.C. (“UBI”) is engaging with the Central Bank in relation to Global Restructuring Group (GRG).

In November 2016, Royal Bank of Scotland (RBS) announced a complaints process and refund of complex fees for SME customers in GRG and indicated publically that “a customer is in-scope for the new complaints process if they were a small or medium sized enterprise under the control of GRG in the United Kingdom or Republic of Ireland between 1 January 2008 and 31 December 2013”.

In line with its risk-based supervisory approach, the Central Bank has been and continues to monitor all relevant issues as they arise from a system perspective. The Central Bankwill continue to monitor this matter and is overseeing complaints received by UBI for any issues arising.

The Central Bank also continues to engage with the FCA on this matter.

I am confident that the Central Bank will act as appropriate on this matter and that it possesses the necessary tools to do so if required.