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

It is very regrettable Ulster Bank and KBC Bank will be exiting the market. Traditionally, Ulster Bank had a very significant presence in the Border region. I know of many families, individuals and businesses in Cavan-Monaghan that are very concerned about the loss of banking services. This is by far the biggest logistical challenge for Irish banking since the introduction of the euro as there are 960,000 Ulster Bank accounts and 300,000 KBC accounts in the State. The backdrop to this is one of significant branch closures over the last decade and recent reduction of personnel through redundancy and non-replacement of retiring staff. This means there is huge potential for disruption and so much additional pressure on bank employees. There is a narrative out there about regular contact with key stakeholders, including the Central Bank, the Competition and Consumer Protection Commission and the Banking & Payments Federation Ireland. An unacceptable omission there is the Financial Services Union, FSU, which is the representative body for bank employees. It is a key stakeholder. I ask the Government and Department of Finance to use their influence with the Central Bank to ensure the FSU is at all the relevant negotiations. I am aware the Central Bank is convening talks later this month with the five banks. The FSU, as representative of the employees, should be present at all negotiations critical for a smooth transition during the exit of these banks from the State.

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