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No more hiding from need for Irish investigation into Global Restructuring Group - Pearse Doherty TD

13 February, 2018 - by Pearse Doherty TD

Sinn Féin Finance Spokesperson Pearse Doherty TD has said the leaked report from Britain’s Financial Conduct Authority on the actions of RBS’ infamous Global Restructuring Group means there can be no more hiding from the need for a full investigation into the actions of GRG, under Ulster Bank, in this State.

Deputy Doherty said:

“I welcome the publication of this report online today. The report is strongly critical of the GRG stating that there was 'widespread inappropriate treatment of customers by GRG” and that in one in six cases that treatment caused “material damage'.

"It is now time for the Central Bank and government here to start standing up for the SMEs that went through the Irish branch of GRG. A case by case review seems the only option given the complexity of the issues raised in the report today.

"The report sets out a story of a bank putting its own interests before the customers time and time again. It includes the 'Just Hit Budget' document used by GRG staff which reads as a cynical handbook on how to maximise income from clients at all costs.

"When I asked last week if the Central Bank had received a copy of the report my question was not answered. There are no more excuses now the document is publicly available. It is time we caught up and started a full investigation."

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