Brendan Smith: Increased engagement by Central Bank and Dept of Finance essential to aid customers switching from Ulster Bank and KBC

Fianna Fáil TD for Cavan and Monaghan, Brendan Smith has called for increased engagement with Ulster Bank and KBC by the Central Bank and Dept of Finance and has pushed for an extended timeframe to help customers switch to other banks before both exit the Irish market.

Deputy Brendan Smith commented, “I have, through constant engagement with the Minister for Finance and the Taoiseach, urged increased engagement with the two banks in question and all stakeholders caught up in this exit from the Irish banking market.

“There are many customers experiencing difficulties transferring accounts from the two banks to other retail banks and need more time and contact to help them through this process.”

The Cavan and Monaghan TD has received an update from the Minister for Finance that the Central Bank intends to meet again with the CEOs on 28 June 2022 for a further update on progress of the migration of customer accounts.

The Minister for Finance added, in response to Deputy Smith’s questions: “My officials and I will continue to monitor the migration of current accounts from the exiting banks and engage with relevant stakeholders, both public and private, as I have been doing over recent months. With the objective of ensuring that impacted customers face the least amount of disruption in migrating their accounts over the coming months.”