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ONLY 30% OF Ulster Bank or KBC customers who must change bank have started transferring their direct debits since both banks announced their exit from the Irish market.
The Banking & Payments Federation Ireland (BPFI) found that although over 600,000 new bank accounts have been opened this year, few of those that had left Ulster Bank or KBC have updated their direct debit originator with these new account details.
BPFI and a number of its members hosted a roundtable meeting yesterday with relevant regulatory authorities including the Central Bank of Ireland, ComReg and the Commission for Regulation of Utilities (CRU) in addition to a wide range of direct debit originators, to strengthen the coordinated approach for customers banks.
Speaking after the meeting Brian Hayes, Chief Executive, BPFI said:
“As banks and other financial services providers, regulators and direct debit originators continue to intensify efforts to work together proactively by identifying and addressing issues and monitoring capacity, one of the key messages from today’s session is to urge customers, once they have opened a new account, to keep going with the process.”
“This includes making a list of all your direct debits and working through this list to update all your providers with your new account details be it your utility company, phone or broadband provider, your insurance provider, or the Revenue Commissioners.”
“Crucially we also want customers to know that banks and other financial services providers, along with direct debit originators are available to support them through this process,” he continued.
“We would encourage consumers or businesses who are moving account to visit our website movingaccount.ie where they can find a wealth of in-depth information and advice including a list of some of the larger direct debit originators and information on how to update your account details for any direct debit arrangements you may have with them.”
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So they’re looking at quantative easing, which was absolutely out of the question to give the gullible Irlanders a dig out for saving their currency and banks, but as soon as Germanys economy slows down it full staem ahead with the QE quicker than you can say ‘I have sauerkraut in my lederhosen’.
Do I have to mention the ‘seismic shift’? If it can’t be secured now, it was a lie all along.
Unemployment still way too high, property bubble on the horizon, thousands of mortgage arrears still not being dealt with, water charges on the way to compliment all the other extra taxes introduced over the last few years, banks still restricting credit and the national debt is as high as it ever was. “Sure we’ll be grand”.
And you forgot the interest rates that will have to go up at some point. That’s going to be the real killer for Ireland
2008 was nothing. It was caused by banking debt. Now we enter a period where sh!t is about to hit the fan with SOVEREIGN debt.
When banks crash, some people lose their jobs.
When countries crash, everybody loses their life savings along with their jobs.
Quantative easing devalues savings so it’s not in the interest of Germany, a country of savers. I’m sure Germany will continue to resist it – as they should as it makes us all poorer.
George what property bubble , that is government spin, europe is an asylum doctored by Germany because the EC bank is there.
She lifted her skirt and we were amazed to see that she was a “he”. ;-)
The same story is being spun here in Spain. The economy is on the up but with nearly 6 million unemployed it is not having any effect. In august alone the nearly 300,000 people have had their dole cut off, at least a million families have all members on the dole, so they can paint all the pictures the want but the next ten years will be bleak
“Ireland: The recovery is on track but almost six years after the economic bust, fantasy economics endure.” http://www.finfacts.ie/irishfinancenews/article_1028114.shtml
Bigmac it is all lies I watch a financial banker from Germany talk on Bloomberg this afternoon. Nothing changed Germany does not see the rest of Europe as being significant or allowed any point of view. Their business sector fears if this changes the german economy will collaspe. I guess we are told this lies in Ireland because of are impending auster budget in October and an election in February 2016.
Ireland had enough our politicians know this and our growth is slowing european growth is at 0.2% not healthy because Spain and Ireland will be dragged down once again with Europe.
sure that was the situation in 07.If Europe goes down so does Ireland. If interest rates go up, Ireland goes down. “We” are living the American dream, one pay cheque from being kicked out on the street
doesnt it feel like theres an election on the way with all this spin.
Come on you boys in Green, the rest of Europe will again look upon us with the respect we deserve for our astute economic genius! Everybody go home and treat yourself to a bottle of champagne.
FFS ,?Ted r u on white powder,?
He’s on a drug called “Understanding the concept of irony”.
“Ireland steams ahead” pfft
This all sounds very familiar
Unbelievably familiar..
Yay Thursday nites on the lash are back on the cards! !
So how long will Ireland steam ahead for if its European market is dead in the water?
In your face, Europe.
US multinationals are the key drivers of Ireland’s economy, so no worries, for the moment at least. It’s a case of steady as she goes!
Our 12.5 % Corporation Tax rate; being the only English speaking country in the Euro Zone; and the excellent work of Enterprise Ireland, is what’s keeping the Yankee Dollar Investments flowing Ireland’s way. Hopefully, no major changes emerge to US corporation tax rules that might change the dynamic for FDI from there to Ireland.
If Germany okays QE, it will be to suit its own interests, and nobody else’s. But this will also suit Ireland big time. As David McWilliams says “start those printing presses”
Putin’s antics must really have messed up Germany as well as Russia’s own economy given the olive branches being held out today regarding Ukraine.
Common sense always returns when billionaires get around a table.
Such shite
Oh, isn’t that nice. JP Morgan (settled a fraud case brought by the US Justice Department for 13 billion USD) is predicitng the ECB moves. Meanwhile, the ECB hires Blackrock Financial (charged with securities fraud by the New York Attorney General) to provide advice as it ” as it thrashes out the final design of its plan, including how much, which assets, and what ranking of bonds it will buy.”
You can’t make this stuff up. What the hell are we doing in this monetary system that is run by fraudsters?
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