Pearse Doherty TD calls for political focus on GRG issue
Sinn Féin Finance Spokesperson Pearse Doherty TD has called for a political focus to be placed on the actions of Ulster Bank’s Global Restructuring Group (GRG). In the Dáil today he asked An Taoiseach and the Minister for Finance to raise the issue with Ulster Bank directly.
Deputy Doherty said:
“Now is the time for a political focus to be but onto the actions of Ulster Bank and its GRG wing. GRG has been referred to as 'Death Row for SMEs'. There is a suspicion that it was used by RBS and Ulster Bank to liquidate viable companies rather than to manage them through a difficult period.
"In Britain, the Financial Conduct Authority is considering further action against RBS bank because of the actions of its Global Restructuring Group.
"Its report found instances of “inappropriate treatment” towards 92% of the viable businesses that were part of the review.
"In this State the GRG operated as part of Ulster Bank and the evidence points to a similar tale of small businesses being crushed with as few as 6 businesses of the 2,141 businesses entering the system coming out alive.
"I am aware the Central Bank is discussing this with Ulster Bank but as we learned from the Tracker scandal political pressure is required. I hope the Minister responds positively to my call for a political focus.”