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Ulster Bank Closure Will Devastate Irish Communities

Aontú Leader & Meath West TD and Oireachtas Finance Committee member, Peadar Tóibín has expressed grave concern over the withdrawal of Ulster Bank from the Irish market, and the destabilising effect this will have on the Irish banking sector in general and to regional and rural communities.

An Teachta Tóibín:

“The withdrawal of Ulster Bank from Ireland has the potential to destabilise the Irish banking sector and to further isolate our already isolated rural and regional communities.

Over 2,500 jobs are at risk of being lost, and 88 branches across the country at risk of closure. This is without even going into the damage this will do to local economies, small businesses and thousands of mortgage holders. Many small towns have already been hit hard with the loss of other backs already. By withdrawing from the Irish market, local economies are undermined and left exposed whilst the Irish banking sector becomes more concentrated and less competitive.

In fact, the Irish banking sector will now be whittled down to only two banks in reality. Already these banks exert massive power in terms of interest rates, service and access to shrinking level of physical banking. In the event of another crash or credit crunch in the banking sector, this over concentration in these two banks will only serves to leave Ireland more exposed”.

“Ulster Bank have refused to date to come before the Oireachtas Financial Committee, leaving many of us fearful for what the impact of their withdrawal will be. Especially, amidst the Covid-19 pandemic and an impending No Deal Brexit scenario. I am calling on the government to implement emergency measures to safeguard local communities against the ramifications of the withdrawal of Ulster Bank.

We need competition, we need to see new entrants into the market, we need a Public Banking Sector. The shrinking and unstable structure of the banking is a massive exposure that needs to be fixed now.

By Aontú Press | 26 November, 2020

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