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Chairman of Friends of Banking Ireland to appear before Oireachtas Joint Committee on Economic Regulatory Affairs

15 September 2009

Chairman of Friends of Banking Ireland, Jerry Beades, will appear before the Oireachtas Joint Committee on Economic Regulatory Affairs tomorrow, September 16th, to discuss the practices and procedures of financial institutions operating in Ireland.

Friends of Banking Ireland was set up by Dublin businessman Jerry Beades in 2006 following his experiences in dealing with ACC Bank and its Dutch parent Rabobank.

Mr Beades provided ACC Bank with deeds on a number of properties as security against a loan, which he took out in 2000. When Mr Beades attempted to repay the loan and secure the return of his deeds it took ACC over 2 years to find his deeds and admit negligence on their behalf.

In his attempt to have his properties released and to get to the bottom of the issues relating to the loss of his deeds Mr Beades had to travel to Amsterdam to picket the parent company of ACC, Rabobank.

Following these revelations in national media, Mr Beades was inundated with clients of not only ACC, but also other banks, relating similar horror stories by individuals and companies who have yet to receive any satisfaction from the financial institutions, which they deal with in relation to their individual difficulties and claims.

Mr Beades decided to form this group in order to apply pressure to various financial institutions to ensure that what happened to him and others will be rectified in the future.

Michael Moynihan, TD, Chair of the Committee on Economic and Regulatory Affairs said: "This meeting will afford members of the Committee an opportunity to question Mr Beades on his experiences of dealing with financial institutions and also the experiences of other members of Friends of Banking Ireland. Given the meltdown in our financial services sector, it is clear that a lot was wrong with Irish banking over the past number of years, while the concern has been expressed about the 'light touch' approach to regulation employed by the supervisory authorities in Ireland, particularly in the area of financial regulation. This meeting with Mr Beades will provide the members with an opportunity to get a view on the practices and procedures of banks in Ireland from the customer perspective and what level of protection was afforded to Irish consumers."

The meeting will take place in Committee Room 2 at 2.30pm on Wednesday 16th September, 2009.

Please click on the link for details of the Joint Committee on Economic Regulatory Affairs

For further information, contact:

Ciaran Brennan,
Houses of the Oireachtas,
Communications Unit,
Leinster House,
Dublin 2

P: +3531 618 3903
M: 086-0496518
F: +3531 618 4551
E: ciaran.brennan@oireachtas.ie