Bank of Ireland performance at Committee shows why a real debate is needed on the future of Banking in Ireland

Press statement from the Financial Services Union

Bank of Ireland performance at Committee shows why a real debate is needed on the future of Banking in Ireland.

Many questions asked but no answers given.

Bank of Ireland are using covid as a cover to close branches according to John O’Connell, General Secretary of the Financial Services Union.

Commenting on Bank of Ireland appearance before the Finance and Public Expenditure and Reform committee today John O Connell said:

“Bank of Ireland constant reference at the meeting today to a drop in footfall in branches over the last twelve months as a reason to close branches shows a clear disregard for what people have endured due to covid in the last twelve months. Simple put this is the Bank taking advantage of reduced footfall which is happening because of covid.

The Banks CEO stated position today there will be no reassessment done on planned closures shows the real problems Ireland faces due to a lack of competition in the market. The two pillar Banks dominance in the market means customers have little opportunity to change Banks to achieve a better return for their savings or to access a mortgage or business loan.

It is clear no impact assessment was carried out in communities where branches are planned to close and that the Bank has not considered the possible closure of 200 post offices in its plans.

The Bank seem to be more concerned about lifting the pay cap for senior management than providing vital services in local communities.

Today’s performance by Bank of Ireland shows a real need for a structured debate on the future of Banking in Ireland. We cannot leave the future of Banking to be decided by bankers without any input from other stakeholders” concluded Mr O’Connell.

ENDS

Note: John O’Connell is available for interview

Contact: Brian McDowell, Head of Communications and Public Affairs, FSU. Tel: 087-9161225. Email: brian.mcdowell@fsunion.org.

About FSU: The FSU is Ireland’s leading union across banking and finance. We represent thousands of staff across the main retail banks, and we have members in more than 70 companies across the finance and fintech sectors. Our members are spread across the Republic of Ireland, Northern Ireland, and Great Britain. We are headquartered in Dublin and we also have a presence in Belfast. We are members of the Irish Congress of Trade Unions and UNI Global finance union.