Jim Power: Why these are not good times for banking and finance in Ireland

'The public will increasingly face into a banking system with fewer outlets, less qualified staff and a serious diminution of customer service'

The Bank of Ireland branch in Bantry, Co Cork,  is to close later this year — just one of the 88 of the Bank's branches set to close in the Republic. Picture: Andy Gibson.

For businesses and individuals who use the Irish banking and financial system, these are not good times. 

The decision of Ulster Bank to wind down its operations in the Republic of Ireland over the next few years will effectively leave Ireland with a two-and-a-bit sized banking system, which is not exactly a recipe for healthy competition.