Sir, – In relation to moving accounts away from departing banks, Dominic Coyle writes that the governor of the Central Bank “has made quite clear his disquiet at a significant undercurrent of frustration and delay in the process” (“Why did Ulster Bank charge me to close my current account?”, Your Money, Business, November 20th).
The governor has further powers, if he chooses to use them. Under article 31 of the EU bank recovery and resolution directive, the governor can intervene “to ensure the continuity of critical functions”. He can do so by putting any bank, or the remnants thereof, into resolution. This would mean the regulatory arm of the central bank taking over the running of the bank to ensure the continuity of those critical functions that the departing banks are abandoning.
Perhaps it is time for the governor to consider his options in that regard. We should have all learned by now that, when dealing with banks, a softly-softy approach does not work. – Yours, etc,
JOSEPH RYAN,
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Co Clare.
