Friday 24 November 2017

Bully Banks to open its first branch in Ireland

Donal O'Donovan

Donal O'Donovan

Disgruntled business owners will travel to Belfast next month for the launch of an Irish branch of Bully Banks, a business group set up in the UK to campaign against overcharging and mis-selling of interest rate swaps by banks.

Bully Banks acts as a forum for business owners who are in dispute with their bank to exchange information and advice, as well as acting as a pressure group.

Organisers expect the campaign here to tap into widespread anti-bank sentiment among business owners, and former business owners, including those who have lost control of their companies over unpaid loans.

In the UK business owners have won back millions in compensation after proving they were mis-sold complex financial contracts that were supposed to protect borrowers from interest rate movements.

Irish borrowers are among those affected by the swaps issue.

Property developer Peter Curistan, who was declared bankrupt last month is behind the move to bring the group to Belfast.

He has been involved in a long-running legal dispute with Irish Bank Resolution Corp (IBRC) the former Anglo Irish Bank over its decision to take a number of his businesses into receivership.

In Ireland the campaign will widen its focus beyond interest rate swaps to the question of how banks appoint receivers.

Irish Independent

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