Editorial: Our financial sector is still a prisoner of its past

The banks must be allowed to be more competitive, more customer-friendly, and free of political encumbrances

28th March, 2021
Editorial: Our financial sector is still a prisoner of its past
Last week, the Central Bank fined Ulster Bank nearly €38 million for its mistreatment of tracker mortgage customers dating back to 2004

Ireland’s financial services industry is enduring another terrible year. First came the news that Ulster Bank was to wind down its operations in the Republic, ending a 160-year presence. Then Bank of Ireland said it would shut a third of its branches on the island.

There was worse to come. In early March, the Central Bank of Ireland fined Davy Stockbrokers €4.1 million for an egregious violation of the agent-client relationship. This led...

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