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
Peadar 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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