Banks need to do more to help customers transfer banks - Central Bank

A roundtable of CEOs will take place focused on the retail banks’ plans to ensure consumers’ best interests are protected

Central Bank warning: 'In terms of the banks’ overall plans, more needs to be done.'

The Central Bank has warned Irish banks that they need to do more to protect customers as they transfer their accounts from Ulster Bank and KBC.

In a letter to the CEOs of the main pillar banks, the Central Bank said they must have sufficient plans, preparations and resources in place to respond to the unprecedented migration of accounts. They warned the banks that they would "intervene to the full extent of our powers" if banks fail to transfer customers over in a timely and efficient manner.