Jerry Beades takes legal action against chiefs of central banks and financial institutions

Businessman Jerry Beades has initiated legal actions against various Irish and European financial institutions. along with their heads and governors, including the president of the European Central Bank and governor of the Central Bank of Ireland.

His proceedings concern alleged failures of the defendants to safeguard financial stability, particularly alleged failure to act on alleged overexposure of credit institutions to, and reliance on, oil prices and assets.

Among his claims, he alleges the defendants are seeking to disguise alleged over exposure to the oil industry through the “wholesale removal of such assets by undervalued sales”.

He wants a number of orders requiring the defendants adhere to their mandates to adequately supervise credit and financial institutions.

Lawyers for ECB President Mario Draghi said in court documents he had immunity under an EU protocol from being sued in relation to acts performed in his official capacity and objected to these proceedings issued out of the courts of a member state of the EU. Similar immunity claims have been advanced by other defendants.

Paul Gallagher SC, for the Central Bank of Ireland and its governor Philip Lane, applied on Monday to have the proceedings entered into the fast-track Commercial Court.

The application was made for purposes including intent to seek an early hearing of an application to strike out the cases as disclosing no reasonable cause of action and/or being frivolous and vexatious.

Mr Gallagher said the proceedings were hanging over major institutions and their governors and his clients wanted them managed in the Commercial Court.

Mr Beades, representing himself, disputed whether there was proper service of the fast-track application on him and said he would have difficulty meeting deadlines set under the court’s fast-track procedures.

The case concerned failure to regulate and there was “no rush on it”, he said.

In sometimes heated exchanges with Mr Justice Brian McGovern, Mr Beades argued the judge should withdraw from dealing with the case.

Mr Beades also said he was working outside Ireland much of the time and wanted an adjournment of the application, saying he would need a month to consider documents provided just days ago.

The judge, noting Mr Beades had asked a number of other judges not to hear various other cases taken by him, said he was satisfied the application had been served properly on him but would adjourn the matter for a week.

He also asked Mr Beades several times not to shout and to refrain from describing judges in a manner that was not “courteous”.