Oireachtas Joint and Select Committees

Wednesday, 25 May 2022

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

Withdrawal from Irish Banking Market (Resumed): Engagement with Financial Services Union and Electric Ireland

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

The issue of debts and overdrafts is obviously a big one. Many people - I would say nearly the majority at this stage - are living from overdraft to overdraft because of the cost-of-living crisis. Very few people are covering all of their costs every month without having to dip into some level of overdraft. Those overdrafts are typically secured from people's existing banks due to the relationship they have with them. If those overdrafts are closed before another bank provides people with overdraft facilities, it will cause major financial difficulties. What does the FSU know about how those overdrafts and debts are to be dealt with before the closures?

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