James O'Connor (Cork East, Fianna Fail) | Oireachtas source

The decision this week by Bank of Ireland came as a major shock to people around the country, particularly in my constituency, where three bank branches in major towns will close.

The decision will impact my own area of Youghal. Cobh will see the closure of a bank branch servicing 20,000 people. The branch in Mitchelstown will also close. I find it highly unusual that Bank of Ireland would take action to close a considerable part of its national banking network in the middle of a pandemic. It is disgusting that the bank is taking advantage of the situation we find ourselves in at present to make this decision.

It is absolutely certain that the CEO of the bank will bring home roughly €1 million this year. I am sure the executives will be very well looked after. My constituents in Cork East are not being looked after. They are going to lose three vital banks in their constituency. It is shocking. I strongly encourage the Minister to take direct action because the State is a 70% shareholder in Bank of Ireland. I stand to be corrected if I have that percentage wrong.

The banking sector in Ireland is in crisis. There is no getting away from the fact that we are seeing the exit of Ulster Bank. We are also seeing a situation, on top of Bank of Ireland's decision, whereby AIB is also considering closing a massive part of its national branch network. It is highly concerning. We must remember that hundreds of thousands of citizens do not even have access to the Internet, never mind online banking. Those are vulnerable citizens who need access to banks and the State should intervene urgently. The wall of silence from the Department of Finance is completely unacceptable.

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