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Donohoe: 'Huge engagement' underway to manage exit of banks

Updated / Thursday, 26 May 2022 13:29
Paschal Donohoe told Fianna Fáil's Brendan Smyth that the Central Bank has met the banks who were involved, both those withdrawing and those remaining.
Paschal Donohoe told Fianna Fáil's Brendan Smyth that the Central Bank has met the banks who were involved, both those withdrawing and those remaining.

The Minister for Finance has told the Dáil that "huge engagement is underway" to manage the exit of Ulster Bank and KBC from the Republic.

Paschal Donohoe told Fianna Fáil's Brendan Smyth that the Central Bank has met the banks who were involved, both those withdrawing and those remaining.

It is a "a moment of huge change" for customers, he said.

"This is a transition that we need to go well," he added.

Yesterday, the Financial Services Union, which represents bank workers, said its members are at breaking point dealing with the increased workload caused by the exits of Ulster Bank and KBC.

The union has commissioned a survey of its members, which shows that 88% of respondents feel stressed at work either on a regular or very regular basis.

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