Small businesses from Bath to Bradford are having their lifeblood sucked out by “vampire” banking practices, the author of a report alleging unscrupulous behaviour by Royal Bank of Scotland has told British MPs.

Royal Bank of Scotland has appointed law firm Clifford Chance to conduct an inquiry into the treatment received by small business customers in financial distress, responding to suggestions it closed down viable businesses too quickly.

Royal Bank of Scotland is facing allegations of “unscrupulous” treatment of small businesses in a report claiming the lender drove firms to collapse to buy back their assets at rock-bottom prices.

A DEAL worth around €16m has been reached on the first bank/receiver sale of an entire apartment and retail scheme in Cork, at suburban Dennehy’s Cross.