Regulator Sibley insists barriers to bank market entry 'incredibly low'

Deputy governor of the Central Bank Ed Sibley told the Oireachtas Finance Committee that the Irish retail banking market is 'somewhat concentrated' by international standards, with the low levels of competition

Central Bank deputy governor Ed Sibley said there is little that should dissuade overseas banks from entering the Irish market.

The deputy governor of the Central Bank has said the barriers to entry to the Irish banking market for any overseas players are “incredibly low” despite the need for improvements across the industry.

He also said any bank exiting the market must fully adhere to legislation and codes of conduct when doing so and factor consumers and a continuity of service into their decisions.