Aidan Regan: We need to break down banking borders to attract the competition here

If the Balkanised nature of national banking is removed with the creation of an integrated European system, competitive banks will be incentivised to enter the Irish market

21st February, 2021
Aidan Regan: We need to break down banking borders to attract the competition here
Jyske bank in Denmark: foreign banks are reluctant to set up in Ireland Picture: Getty

The exit of Ulster Bank from Ireland will lead to greater market concentration in the remaining two big banks over which the government has significant control – AIB and Bank of Ireland. To make the Irish market attractive to European banks, Ireland needs to push for the implementation of an integrated European-wide banking system.

There are more than 5,000 banks operating in Europe’s single market, and a significant number of these are retail banks that...

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