Time for Irish action on Global Restructuring Group - Pearse Doherty TD
Sinn Fein Finance spokesperson, Pearse Doherty TD, has welcomed the decision by the Financial Conduct Authority (FCA) in Britain to release its report on the behaviour of RBS’ infamous Global Restructuring Group (GRG).
He said it is now time for an investigation in this State given that GRG operated as part of Ulster Bank, whose parent company is RBS.
Deputy Doherty said:
“I welcome the decision to release this crucial report. From engaging with SMEs I believe the same brutal tactics were employed by Ulster Bank here as was the case in Britain.
"The Central Bank have informed me they are engaging with Ulster Bank on this issue but I believe it is time the focus on this issue was stepped up.
"Of 2,141 Irish SMEs that entered GRG less than 100 survived, possibly as few as 6. They were supposed to be put in a programme to save them; instead what they were put on was a Death Row for businesses.
"As usual the State is lagging behind on this issue of tackling alleged wrong doing in the financial sector. As usual it is the consumer that has been hurt.
"We know from the summary of the FCA report that has been released that the FCA found systematic failings in GRG including a 'failure by RBS to adopt adequate procedures concerning the relationship with customers and to ensure fair treatment of customers, a failure to identify customer complaints and handle those complaints fairly, and a failure to handle the conflicts of interest inherent in the West Register model'.
"I have no reason to believe the same failings did not apply in this State - even the name West Register was replicated in the work of GRG in Ireland.
"I have raised this many times in the Dáil, the Finance Committee, and directly with Ulster Bank & the Central Bank. I am now calling for action on behalf of the thousands of Irish businesses affected.”