Banking sector has been let drift
A chara, – KBC’s announcement that it will leave Ireland follows close on the withdrawal of Ulster Bank, and Bank of Ireland’s decision to close 88 branches across the country. This will leave many people without a local bank, and many more without a choice of banks.
There are over 200 credit unions in Ireland, with millions of members. These credit unions are well placed to offer community banking services, but they operate under restrictions that mean they cannot effectively replace banks.
The banking sector has been let drift for too long. We need to take an active hand in planning the future of banking in Ireland, and bring credit unions, post offices, and representatives of borrowers, rural communities and the rest of civil society into the conversation. – Is mise,