KBC exit another blow for Irish banking – Richmond

16th April 2021 - Neale Richmond, TD

The news that KBC bank is seeking to exit the Irish market is yet another blow for Irish banking, Fine Gael TD and Member of the Oireachtas Finance Committee, Neale Richmond, has said.

Deputy Richmond has called for assurances for bank staff and customers while raising questions about the impact of current regulations on the overall sector.

Deputy Richmond said, “Less choice in the banking sector is bad for Ireland; it is bad for customers and it is bad for those who work in the financial services sector.

“Today’s announcement that KBC bank is seeking to exit the Irish market is yet another blow for Irish banking following the withdrawal of Ulster Bank and the decision by Bank of Ireland to close dozens of branches already this year.

“We must receive assurances from KBC bank that staff and crucially customers will be protected as they exit the market but beyond that there are many more serious questions to be addressed.

“As I have consistently stated, the Irish banking sector is out of step with European norms. A balance must be struck in our regulatory framework.

“A situation where there could be only two pillar banks in the state with one reliant on Government support would be extremely worrying.

“I am calling on the Central Bank of Ireland to take on a balanced and proactive role in order to safeguard the viability of the Irish banking sector.”

ENDS

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