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Banking Operations

Dáil Éireann Debate, Thursday - 6 March 2014

Thursday, 6 March 2014

Questions (50, 51, 52, 53)

Pearse Doherty

Question:

50. Deputy Pearse Doherty asked the Minister for Finance if he has expressed any concern to Ulster Bank regarding its global restructuring group division and its treatment of viable businesses. [11354/14]

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Pearse Doherty

Question:

51. Deputy Pearse Doherty asked the Minister for Finance if his attention has been drawn to the alleged actions of Ulster Bank’s global restructuring group division in forcing viable businesses to liquidate; and if he will make a statement on the matter. [11355/14]

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Pearse Doherty

Question:

52. Deputy Pearse Doherty asked the Minister for Finance the safeguards that are in place to prevent a foreign owned bank with an Irish subsidiary using its Irish bank as a bad bank and liquidating viable Irish businesses to provide a cash injection to the parent bank. [11356/14]

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Pearse Doherty

Question:

53. Deputy Pearse Doherty asked the Minister for Finance the options open to Irish business that are being pressurised to sell assets to satisfy the needs of a foreign bank. [11357/14]

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Written answers

I propose to take Questions Nos. 50 to 53, inclusive, together.

I am aware of the content of the Tomlinson report and its allegations regarding the Global Restructuring Group within RBS to which the Deputy refers. My officials met with Ulster Bank officials on 27 November 2013 following the publication of the report. The report contained allegations about West Register. In this regard, my officials were assured that West Register was involved with a small number of Irish businesses. There is no reference to Ireland in the report. There were media reports in January 2014 which stated that Dr Tomlinson was meeting with business customers of Ulster Bank in Northern Ireland. Dr Tomlinson stated that some of the customers he met with were from the Republic of Ireland. Any complaints made to Dr Tomlinson will be referred to the Financial Conduct Authority (FCA) in the UK, which is conducting an independent review of the treatment of business customers by the RBS Group. Separately, RBS has appointed Clifford Chance to review the treatment of distressed customers by the Global Restructuring Group and report early in the year. I also understand that the findings of the Clifford Chance review will be applied across the RBS Group.

I would also refer the Deputy to the Central Bank's revised Code of Conduct for Business Lending to SMEs, which came into effect on 1 January 2012. A copy of the Code is available on the Central Bank's website.  I am informed by the Central Bank that if a customer believes that the Code of Conduct has not been applied to his or her case by a regulated entity, a complaint should be made to  the Central Bank at fspsupervision@centralbank.ie.

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