Banking Sector
Dail Éireann — 2022-06-16
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Sean Fleming (FF), Laois-Offaly

I hear what the Deputy said about the regulations not being conducive but it is all about providing financial services. Every single financial service provided in Ireland does not have to be provided by a regulated body in Ireland. Such a body can be regulated in any EU country and provide services in Ireland. For example, and I do not want to overemphasise it, there are 1.6 million Revolut account cardholders in Ireland today. That is very significant. Notwithstanding the narrowing of the banking structure, changes are happening. There is an increasing range of banking and financial services available to customers who choose those products.
I will say to customers of the two institutions that are leaving to be proactive and start opening their accounts in their new financial institution as soon as possible. I encourage people to go to the credit unions and An Post. The latter opened 30,000 new current accounts in the first three months of this year. The credit unions are already in situ in some of those banks that are leaving, in particular, Ulster Bank. The local credit unions have stands there a couple of days a week. I met several credit unions whose staff have moved in so when people come to their bank, the local credit union has a stand in the premises and branches that are scheduled to close. I ask people to be proactive and not wait until the last minute.

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Retrieved: 2026-08-14T04:50:35+00:00
Sitting date: 2022-06-16