Nash calls on Central Bank to intervene to prevent a crisis in the banking system

09 September 2022

Labour Party Finance spokesperson Ged Nash has called on the Central Bank to urgently intervene and inform both Ulster Bank and KBC they need to extend their timelines for exiting the Irish retail banking market.

Commenting on the publication by the Central Bank of data showing the number of new accounts opening and the account closure rate in Ulster Bank and KBC, Deputy Nash said:

“The publication today by the Central Bank of data on account opening and closing is welcome and provides us with reliable baseline figures that can be tracked over the coming months.

“Worryingly, the data shows only 24% of Ulster Bank and KBC customers have closed their accounts since the start of the year.

“After millions spent on advertising this number is alarmingly low and shows the extent of the upheaval that is happening in the retail banking system. It shows the timelines set by the two exiting banks are unrealistic and need to be extended.

“There are over a million customers affected by the closures of Ulster Bank and KBC.

“Many customers are telling me they are struggling to get the support and advice they require due to staff shortages and banks appearing not have provided sufficient  resources to deal with the additional workload.

“This has all the ingredients of a crisis waiting to happen unless urgent action is taken by the regulator to ensure realistic timelines are set and the necessary resources are provided.”

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