A special taskforce comprising all relevant stakeholder’s best way forward

Let us work together to ensure an orderly exit of Ulster Bank and KBC says FSU

A special taskforce comprising all relevant stakeholder’s best way forward

John O Connell, the General Secretary of the Financial Services Union has reiterated his call for the Central Bank to set up a special taskforce to deal with the exits of Ulster Bank and KBC.

Mr O Connell made the call after meeting with the Central Bank Head of Consumer Protection, Colm Kincaid.

Speaking after the meeting Mr O Connell said:

“I welcome the opportunity to meet with the Central Bank and to highlight the everyday issues facing staff working in the sector.

The meeting was positive and resulted in a productive sharing of ideas.

The Banking sector has too long focused on the needs and expectations of shareholders at the expense of its stakeholders. Customers and people working in the sector are important stakeholders and their voice needs to be heard. This is part of the message we delivered today to the Central Bank.

A great starting point would be the setting up of a special taskforce to deal with the exits of both Ulster Bank and KBC. This is the biggest logistical challenge to face the sector since the introduction of the Euro. We need a collaborative approach involving all relevant stakeholders, to protect the vulnerable and to ensure a smooth transition for customers and businesses.

The Central Bank are meeting with the CEOs of all the main retail banks and their lobby group, the BPFI next week.

It is an opportunity for the Central Bank to set an agenda of inclusivity by informing the Banks that they intend to set up a special taskforce of relevant stakeholders to oversee what we all hope will be an orderly exit of Ulster Bank and KBC from the Irish Banking market.

Next week the FSU will be attending the Banking review in Tullamore where we will outline our views on the importance of building stakeholder Banking in Ireland.”

ENDS