IOB’s submission to the Retail Banking Review 2022

IOB has submitted a response to the Retail Banking Review Public Consultation.

The retail banking sector in Ireland is experiencing extraordinary change. Continued technological advancements, evolving customer preferences, new forms of competition, regulation, challenges to profitability, and supporting the transition to a green economy are all forces of change. So also are the major changes to the structure of the banking landscape in Ireland, with the number of retail banks reducing to five currently, and which will reduce further when Ulster Bank Ireland and KBC Bank Ireland exit the Irish market over the next two years.

Against this background, therefore, IOB welcomes the initiative of the Minister for Finance in announcing a Retail Banking Review that is being undertaken by the Department of Finance and the Public Consultation that gives stakeholders the opportunity to participate in the Review.

Read our full submission here: IOB Submission to Retail Banking Review 2022