Strong switching activity as two banks exit
Figures from the body that represents Irish retail banks show that customers opened 68,000 personal current accounts in the four weeks to 5 August, bringing the total for this year to 365,000.
The numbers, from the Banking & Payments Federation Ireland (BPFI), include accounts opened at the three main banks, An Post and credit unions.
BPFI chief executive Brian Hayes (pictured) said that the figures showed continuing strong activity, though there had been a “slight slowdown” from the 71,000 new accounts recorded in the previous four-week period.
“This is not unexpected, given this is a period during which many customers will have been taking their summer holidays,” he added.
Public-information campaign
Earlier this year, the BPFI launched a public-information campaign aimed at providing advice to customers who need to switch their bank accounts due to the exit of KBC and Ulster Bank from the Irish market.
This includes a website with information and advice about switching accounts.
The Central Bank has called for the massive transfer of accounts to happen “in line with customer needs and expectations”.