Lack of Banking Competition means Banking Duopoly Can What Ever They Like – Tóibín
Aontú Leader and Member of the Oireachtas Finance Committee Peadar Tóibín TD stated;
“The fruits of the dysfunction within the Irish Banking Marketing are coming home to roost. For over a decade now FG has engineered a banking market with two pillar banks. These two pillar banks wield enormous supplier power meaning they control every aspect of customers engagements. Customers have to accept any decisions these banks make because they have nowhere else to go. This despite both Pillar Banks being very profitable and paying no tax. This is getting worse due the exit of Ulster Bank from the Irish market”.
“Market dysfunction is not unusual in Ireland. The Housing sector, the Beef sector the Insurance sectors are all examples of how Government economic incompetency is damaging enterprise and the fabric of Irish society”.
“The decision to close 103 banks across Ireland, 88 in the south and 15 in the north is a hammer blow for staff, customers and small businesses. It is also a disaster for rural and regional Ireland that has previously seen banks and Post Office close. The government has to decided one and for all. Does it want to turn regional Ireland into a commuter belt for Dublin or will they secure an economic energy in the regions of Ireland”.
“I have formally requested that the Minister for Finance and the Sec Gen of that department come before the Oireachtas Committee to spell out to inject competition into the dysfunctional Irish Banking market. This needs to happen as a matter of urgency”