IFA: Government must stop Irish banks exploiting Danske Bank exit

Irish Farmers' Association president John Bryan said Danske Bank's plan to withdraw retail banking services puts an onus on the Government to exercise more control over the remaining banks.

Danske Bank announced this morning that it its day-to-day personal and business products and services will be withdrawn on a phased basis during the first six months of next year.

“Following on from the announcement by ACC last week, this move by Danske reduces further the options open to farmers, small and medium enterprises and consumers who need competitive banking facilities to run their businesses,” he said.

“The Government and Financial Regulator have a responsibility to increase the oversight of the banks remaining in the market and, if necessary, introduce price controls on the interest and credit charges they impose on their customers so they do not exploit this situation by increasing the cost of loans and banking facilities.”