Brendan Smith (Cavan-Monaghan, Fianna Fail) | Oireachtas source

Two recent decisions by NatWest and Bank of Ireland will have serious repercussions for so many rural communities and some urban communities as well. Over the past couple of months I have engaged with the Minister by way of parliamentary question, conversation and Dáil debates in regard to my concerns about the NatWest announcement of a strategic review of its operations in our State. Its decision to exit the Irish market will impact severely, as we know, on staff, customers and communities. The Border region has had a strong presence of Ulster Bank over many years. The recent decision will result in the closure of branches in Ballyconnell, Ballyjamesduff and Cavan town and in Monaghan town, which are four branches in my constituency. This followed on from the bank exiting towns such as Belturbet, Killeshandra, Kilnaleck, Swanlinbar, Clones and Castleblyaney in 2013-2014 and Arvagh and Cootehill in 2017. This shows the dramatic change in the landscape of Ulster Bank services over the past number of years. In a number of months, there will be no branches or presence in many of those towns. It is a dramatic change, and for the worse, unfortunately.

The announcement by the Bank of Ireland on Monday last will again result in the closure of branches in my constituency in Arvagh, Cootehill, Kingscourt, Clones and Castleblayney. This is very regrettable for staff, customers and local communities. It is deplorable that the Bank of Ireland is making this decision during a pandemic when, of necessity, there has been a dramatic reduction in footfall in our towns and villages and, understandably, fewer people attending branches owing to public health guidelines. This means a further dramatic reduction in banking competition and shows no regard for staff and local communities that have been loyal to the Bank of Ireland over many decades.

7 o’clock

The towns I mentioned where Bank of Ireland is closing branches, namely, Arvagh, Cootehill, Kingscourt, Clones and Castleblayney, are, fortunately, all good market towns with substantial employment. In some of those towns, however, there will be no banking facility whatsoever. When the Covid crisis is over, we all hope there will be an opportunity to create more jobs in rural Ireland through people being afforded the opportunity to work from home and from digital hubs. However, at the same time that we are encouraging private employers and the public service to give opportunities for employment in smaller towns and villages in rural Ireland, major institutions are exiting those towns and villages and depriving communities of a necessary banking service. The Financial Services Union made the very strong point that the Bank of Ireland decision will result in the removal of vital services from elderly people, those with no Internet access, those who lack confidence in doing business online, and people with literacy and numeracy problems. The decision is a hammer blow to staff, customers and communities. Once again, it is vulnerable people who will suffer from it.

See this speech in context