Senator Marc Mac Sharry has called on the Government to immediately engage with ACC bank and Danske bank following the news that they are exiting the Irish market.
“This has potentially serious implications for customers of these banks and for the future of the banking sector in Ireland.
“It’s clear these institutions have little commitment to the Irish market and to their customers here who once contributed to their profitability. The fear now is that those Irish customers who have mortgages and other loans with ACC and Danske Bank will no longer be a priority for these institutions as they seek to leave the Irish market as quickly as possible,” he said
“The Government and the Central Bank must engage with ACC and Danske bank as a matter of urgency to ensure that their Irish customers are given every opportunity for fair and equitable means of moving their business elsewhere. It is not good enough to leave these banks to call all the shots, as their focus may well be on the fastest exit strategy rather than the best interests of their Irish customers.
“This is particularly important in the case of ACC bank as it has many family business and farming customers across Ireland. We cannot allow a situation where these people are forced to break up their family farm, if the bank pushes for an accelerated exit instead of providing Irish customers with the full menu of options for moving on,” he added.