Banking

‘Challenge’ ahead as Ulster Bank and KBC exit draws near — director general, Central Bank of Ireland

Derville Rowland, who oversees financial conduct at the state’s financial regulator, met with chief executives of the five main retail banks in Ireland on Tuesday to discuss the large-scale migration of customer bank accounts

Ulster Bank is to exit the Irish market in the coming months. Picture: Sasko Lazarov/Rollingnews.ie

A “challenge” lies ahead for the Irish banking sector in ensuring the smooth migration of an estimated 900,000 bank accounts that will need to be transferred once the exits of KBC and Ulster Bank are completed, the director-general of financial conduct at the Central Bank of Ireland said today.

Derville Rowland met with leaders at AIB, Ulster Bank, KBC, Permanent TSB and Bank of Ireland today to discuss what was required to make sure the ...