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

As the Tánaiste knows, Ulster Bank proposes to exit this State next March and KBC proposes to do the same the following August. This does not seem to be a realistic timeframe, due to the challenging logistics for those two banks’ customers transferring their accounts to other financial institutions. I hear daily of the frustration and worries of customers of Ulster Bank and KBC who are trying to open new accounts elsewhere.

The Financial Services Union has quite rightly pointed out that all retail banks have significantly reduced their personnel and their branch network over recent years, which has resulted in much poorer services for their customers. Bank staff are under enormous pressures. The remaining banks need to increase their staff levels substantially to ensure an orderly transfer of accounts. Can the Government and the Department of Finance, in particular, engage with the financial regulator with a view to the establishment of an oversight committee that is inclusive of all relevant stakeholders to deal with all issues, including the timeframe for the exit of those two banks?

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