it bangs Banagher

[Ivo]

Would you tell me whether I am right with my interpretation of the expression in bold in the following sentences?

When anything very unusual or unexpected Greatly superior to occurs, the people say, “well, that bangs Banagher!” (P. Selver, “English Phraseology”)

“Your beat Banagher, Pat,” said Willie admiringly.

it bangs Banagher = it is head and shoulders above all

head and shoulders above = greatly superior to

Thanks for your efforts.

[Beeesneees]

Banagher is a place in Ireland, fabled to be a wonderful town, and there are two forms of this saying (nowt well known or in widespread use today)
That beats Banagher. -- That is better than (the town of) Banagher or what (the town of) Banagher can produce.
There's nothing to beat Banagher. -- You cannot get better than (the town of) Banagher or what (the town of) Banagher can produce.
The sayings obviously have contradictory meanings.
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Cheers m' dears!