Oireachtas Joint and Select Committees

Wednesday, 1 December 2021

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach

Withdrawal from Irish Banking Market: Engagement with KBC

Photo of Peadar TóibínPeadar Tóibín (Meath West, Aontú) | Oireachtas source

Go raibh míle maith agat Mr. Blažek agus mile buíochas as an gcur i láthair. It has been an interesting discussion. I would like to zero in on the Irish banking market. As Mr. Blažek knows, the Irish banking market is in crisis at present. The fact that Ulster Bank and KBC are leaving means there is more concentration happening within the pillar banks. More concentration leads to an oligopoly, which leads to enormous power within those banks. They can determine all aspects of the engagements they have with customers because customers have no choice. There is a banking review happening soon. There are weaknesses with regards this banking review in that it is run by the Department of Finance and does not include public banking, credit unions or post office banks in its terms of reference. Has KBC received an invite to attend the banking review to give its insights of the Irish market?

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