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Finance Minister Paschal Donohoe will meet with the Financial Services Union (FSU) today to discuss a number of issues related to the banking sector here.
Among the topics likely to be discussed are the strategic reviews being carried out by Ulster Bank’s parent, NatWest, of its operations in the Republic, and by the Bank of Ireland of its unit in Northern Ireland.
The Central Bank’s consumer protection code, which deals with branch closures and downsizing, is also on the agenda, coming as several banks, including KBC and AIB, plan to downsize. your branch network.
The discussions will also include a request from the union for the creation of a national forum on banking to consider issues such as accessibility, cultural change and the use of artificial intelligence.
“Ireland’s major banks have announced strategic reviews in recent months, containing branch closures, staff cuts and, in one case, possible bank closure,” said John O’Connell, FSU secretary general.
“The FSU strongly believes that the Irish banking structure is eroding in front of us and when we emerge from this pandemic we will be left with a banking structure that is unrecognizable and not suitable for our citizens.”
The national banking forum, if approved, would include representatives of employers, unions, governments and consumers.
“That discussion should also include a new code of practice for banks, a review of the steps necessary to restore confidence in the banking system, and a discussion of how change is implemented in the banking sector,” O’Connell said.
The banking sector here faces considerable challenges, as the Covid-19 pandemic and Brexit, coupled with an ongoing low interest rate environment and in some cases higher than desired operating costs, act as a drag on profits. .
The top five retail banks have announced cuts to their workforce this year, and some have also reduced the size of their branch networks to cut costs.
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