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IRELAND’S RETAIL BANKS need to do more to help customers as Ulster Bank and KBC exit the Irish market, the Central Bank has said.
The banking regulator met with the CEOs of Ireland’s retail banks today to discuss the large-scale migration of customer bank accounts due to the two banks leaving.
The exit of Ulster and KBC will whittle Ireland’s number of retail banks from five down to just three – Bank of Ireland, AIB and Permanent TSB.
The Central Bank said it met with the five CEOs and the Banking and Payments Federation – which represents the sector – to ensure that customers’ needs and expectations are met as they transfer from the exiting banks.
It said the five banks need to do more across a number of areas including planning and communication.
“It is clear that a lot of work is being done. But we must also accept that the customers affected by these issues did not ask to be in this situation,” the Central Bank’s Director General of Financial Conduct, Derville Rowland, said after the meeting.
“They have rights which must be protected and expectations built up through their relationships and interactions with the banking system that must continue to be met as this exercise proceeds.”
Rowland said those attending the meeting had agreed that more work needs to be done regarding planning, customer focused arrangements, proactive communication and system wide engagement.
“The Irish banking system faces a challenge in ensuring this migration of bank accounts goes well. But it is a challenge that must be met so that the banking system delivers for its customers,” Rowland concluded.
With two banks leaving the Irish market, traditional banking options for hundreds of thousands of customers are dwindling.
Speaking in the Dáil today, Independent TD Michael Collins said many KBC and Ulster Bank customers are finding it difficult to find alternative banking arrangements in the six-month notice period given by the two banks.
“This dictate from both banks demonstrates their shabby treatment of existing customers, many of whom are finding it extremely difficult to obtain replacement banking services,” the Cork South-West representative said.
“For example, many existing KBC and Ulster Bank customers are informing us about extreme difficulties in making in-person appointments with either bank, due to staff shortages or limited appointment availability,” Collins added.
In February the Central Bank criticised Irish retail banks over their customer support phone lines and called for improvements to be made.
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Government will increase their levy on fuel and motor tax to “assist” young people making the decision to reduce car usage. They won’t be able to afford to use their cars.
@David Corrigan: actually most do feel the need to reduce their environmental impact unlike the boomer generation.
@Brendan Cooney: The majority of people will do their bit to help. But the wrong areas are being targeted.
@David Corrigan: hahaha a likely story….. 18-24 year olds driving electric cars – do they even realise they’re gonna have to get jobs, pay taxes and levies, exorbitant rents/mortgages, rip off prices everywhere and then more rip off prices for EVs – I’ll believe it when I see it!!!!!!
@David Corrigan: which will be the dearer in the Futher a electric car or a box flat ha electric cars are only for moving the exhaust to chimleys to a different location Ireland needs nuclear ,
@Nora McElhinney: Our young people will be priced out of owning a home or a car within the next few years. Some existence to look forward to eh?
@Brendan Cooney: “actually most do feel the need to reduce their environmental impact unlike the boomer generation.”
You mean your own generation.
Electric cars (1) still use power coming from the same environment damaging power stations and (2) their huge batteries that are in the floor of cars, are currently unrecycleable.
* Also Journal, why is another news item currently locked up? https://www.thejournal.ie/hse-accountability-paul-reid-5601488-Nov2021/#comments – This is becoming all too regular with the Journal. No legal cases involved with that now censored comment section.
@UnitedPeople #StopCETA: 1. With increasing renewable power coming on line that excuse is becoming moot. 2. Actually they are recyclable.
@UnitedPeople #StopCETA: it’s interesting your first statement is half right and your second is completely wrong. All cells manufactured for years now have been 100% recyclable or reusable in other applications. In regards to fossil fuels, taking your energy from scrubbed emissions sources is a hell of a lot better than taking it from a tail pipe, but I do agree we need to do better.
@Sean Mac Gabhann: genuine question, can the batteries be recycled into car batteries again? Or do they get turned into something completely different. The whole “100% recyclable” can be miss leading at times as I understand it, they generally get down graded as they get recycled each time.
@Joshua Walsh: the batteries can be recycled. However when they get to a point they are no longer usable in a car they are still quite useable in others applications like home storage or massive battery banks for the grid extending their lifespan by another 20 years or so.
@Joshua Walsh: “can the batteries be recycled into car batteries again?”
Study on that recently (Recycled cathode materials enabled superior performance for lithium-ion batteries), “Here, we demonstrate that the recycled LiNi1/3Mn1/3Co1/3O2 has a superior rate and cycle performance, verified by various industry-level tests”
Just conducted a similar poll this morning on twelve, 18 to 21 year olds.
70% are car drivers.
Quick result: zero plan to either reduce their number or journeys or change their vehicle similar to question asked in the above poll.
Now, to be honest I didn’t need to run this quick poll to call complete BS on the one above.
@Gavin Linden: exactly: the article is pure GP/D4 nonsense. No young person I know is even contemplating EV. Quite the opposite: they all seem to want an IS200 :)
@John Moylan: And fair play to them, posting videos of them attempting donuts in a Prius or a Leaf just wouldn’t have the same level of being interest.
@Gavin Linden: like to know where the 18-24 year olds will get the money to change to an EV from??? Must be a D4 south side poll conducted.
@Gavin Linden: 12 people isn’t really a valid sample size.
No homes and now no cars up the Greens , village can have a couple of cars and then in the mornings the natives can have a bicycle race to the central car park , first there gets car and can go to work , problem solved by Mr Ryan
They won’t be able to afford the cars and then won’t have anywhere to charge them either and electricity is in short supply ..no infastruture set up its BS ..
@Elizabeth Eccles: Electricity is NOT in short supply. Still lots of excess capacity at night which is why night rates exist.
74% of 18 to 24 year old’s would say anything!
I’m 48. Italian. Our generation grow up with the car should be fun, on a first place. Thinking back all the Ads and the mostorport of the 80s and 90s.
Sadly not anymore. Yougest generation don’t care, they consider more fun stay on facebook, rather than the feeling of 100CV revving…
I’m sorry for them. I’ll let them drive a vacuum cleaner, I’ll still enjoy my rare, classic Alfa 75….. :)
@Proudly Italian: I dunno, I was behind an Audi E tron the other day. Do you know when the Starship Enterprise goes into Warp speed? It was like that!
@Proudly Italian: “the feeling of 100CV revving… I’m sorry for them. I’ll let them drive a vacuum cleaner”. Easy enough sort that, play Engine_Revving_MP3 then stomp on the accelerator to enjoy the better electric acceleration.
Are they going to have their other 4 housemates/ parents pay for the electricity?
Great to see the younger generation leading the way unlike the auld lads and dears who frequently come on here whinging “on their behalf”. #timetochange
@Brendan Cooney: They will have no choice. They won’t be able to afford to do the things they want.
@Brendan Cooney: i actually think your wrong,i think older people are taking the lead albeit quietly in there own way to protect the enviroment.
I’ll believe that when I see it. Young people are full of great intentions when it comes to the environment but don’t give a second thought to buying cheap throwaway tat in the likes of Penney’s or using one use cups in the like of Starbucks.
I’m 29 and considering the switch to an EV. Where do I fit in ?? Old.. young..
Old
There are currently approx 1.2 Billion cars globally.
Production capacity is around 95 million
Total EVs in the world approx 7 million.
I know EV production will probably increase exp’lly but will Ireland have 1 EV million by 2030?
@Anarch Eco: Government actively penalising business ownership of EVs.
Recent budget added back BIK previous budget removed SEAI grants for businesses.
Because EVs are more expensive BIK will be almost as dear as a diesel equivalent. Eg. A EV Kona is nearly 40% more expensive than a petrol Kona so BIK will be almost as much for a locally much cleaner car.
@Gavin Tobin: Doesnt make sense at all.
Company cars are a good source for the secondhand car market too.
Wana get around? Need a car. Cheapest way? Diesel. Great plans these, shame they’re not reciprocated in reality.
If FAME was reduced from diesel, it would be a far cleaner product!!!! All diesel now has ultra low sulphur content … Diesel is much cleaner than it was twenty years ago..
FAME does more harm than good to diesel engines… it keeps the garages going with replacement filters and egr valves!!!
Total cost of ownership of various EVs in Ireland:
https://www.seai.ie/technologies/electric-vehicles/compare-and-calculate/?gclsrc=ds&order=1
You’ll find when adding up all costs, EV driving will generally work out cheaper than ICE driving for equivalent car types over the lifetime of the car, even though EV purchase costs are higher.
have your say