Yates: AIB intimidated me and my family
on 03/09/2012 00:00:00
He made his comments yesterday in an interview after his petition for bankruptcy was accepted at Swansea County Court on Friday.
"I will be an economic zombie for a year," he said.
"All my assets are forfeit and put in the hands of the court receiver. For a further two years, the court takes all money I earn beyond reasonable living expenses."
Mr Yates, a former agriculture minister, bookmaker and Newstalk presenter, has been living in an apartment in Swansea since April, following the collapse of his Celtic Bookmakers firm.
He furnished evidence of his links to Swansea, dating back to 2004, to district court judge Peter Llewelyn.
The judge accepted his petition for bankruptcy under the UK's personal bankruptcy regime. Mr Yates will be automatically discharged from bankruptcy on Aug 31, 2013.
Mr Yates blamed AIB, which failed in its High Court bid last month to have him declared bankrupt here, for he and his family's decision to move to Wales. The bank declined to comment. "I was essentially forced to quit my work and flee the country," Mr Yates said. "The stress of trying to maintain my media career and conduct my affairs proved almost impossible. I was forced to dislocate myself from my family, isolate myself from my friends and move over here.
"AIB have harassed and intimidated me and my family since April. When I left Newstalk on Thursday Apr 3, the following day, Good Friday Apr 4, they tried to serve a summons on my 80-year-old mother as she was leaving Mass.
"They refused to stop the debt clock on my loans when the company went into receivership and they made my position impossible. I would have had to earn over €8,000 a week to simply pay the interest on my outstanding loans. Even if I worked for another 10 years, I'd still be a serf to the bank."
He previously claimed the bank had pursued him out of a "sense of vindictiveness and a desire to make an example of me as a high-profile individual".
He said he sees no opportunities in Ireland for the foreseeable future.
"I have no plans to return to Ireland. I have switched off completely from Irish current affairs," he said.
The only core value of the Irish establishment now he said, is their own survival on a day-to-day basis and the prolongation of their careers. Mr Yates also revealed he is planning to write a book over the next year. "It will be about politics, the Celtic Tiger, business, rogues and characters. You know, I shared an office with Enda Kenny for 10 years. There will be lots about politicians in it. There will be fun and humour too."