New figures from the Central Bank show that the total number of accounts closed at Ulster Bank and KBC Bank Ireland since the beginning of 2022 has reached 1,090,781.
The Central Bank noted that of the total number of current accounts that were open in Ulster Bank and KBC Bank at the start of 2022, just over 92% were either closed or inactive by the end of April.
Ulster Bank and KBC Bank Ireland both announced plans to leave the Irish market in 2021 and customers have been closing and moving their accounts to the remaining banks here since then.
The Central Bank said a total of 104,758 current and deposit accounts were closed in the two exiting banks in the four weeks to the end of April, an increase of 21% compared with the corresponding four week period to the end of March.
Meanwhile, a total of 44,172 accounts were opened in the four weeks to the end of April in the main remaining banks, down 11% on the previous month.
The Central Bank noted that more recent account opening figures are likely less related to migrating accounts, as the trend in account openings over the past two months is largely in line with "business as usual" openings observed in the market between 2019 and 2021.
A total of 1,200,810 current and deposit accounts have been opened across the three remaining retail banks - AIB, Bank of Ireland and Permanent TSB - since the start of 2022.
Colm Kinkaid, Director of Consumer Protection with the Central Bank, said today's figures show that the large scale exercise of migrating accounts is "all put completed".
Mr Kinkaid added that the focus now is on remaining accounts yet to be closed or moved - about 33,000 of those in appear to be in use - and to work with those institutions to support the remaining customers in their needs.
He said that there can be a range of circumstances as to why customers have not closed or moved yet, as they may need special support.
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The Central Bank has engaged with all the banks in the system in recent months to make sure necessary safeguards in place to support consumers, he said.
He added that some customers may have needed more time and will get that, so it is a "measured and appropriate exercise".
On mortgage interest rates, Mr Kinkaid advised people to engage with their lender if they have any concerns as there are is a wide suite of arrangements in place so people can be put on an affordable repayment schedule to keep them in their home.
He added that there is more capacity in the system to explore shopping around and explore switching than is being availed of.
