I believe that Ireland needs a third banking force as Ulster Bank have exited the Irish market.
“Last week the Bank announced the conclusion of the sale of its €4.2 billion performing loan products and up to €2.8 billion of undrawn exposures to Allied Irish Banks”
This leaves a serious lack of competition in the retail banking sector in Ireland.
“I believe that Government need to facilitate the introduction of a third banking force using the existing Credit Union network to become such a banking force”
“We need competition in the retail banking sector to ensure that customs can get a fair return on savings and a fair price on mortgages”
“The Credit Union Movement in Ireland is well placed to take on this role. They have the community network and branch network. They have the necessary financial skill set”.
“The Credit Union Movement need to be brought into the full banking system and I believe the Government need to engage with the Credit Union Movement to commence the regulatory process to allow this to happen”.