Michael Dowling: Lack of choice for bank customers damages vibrant economy

Three of the outlets are wholly-owned by AIB, and two other players cannot lend at present due to funding issues, with both depositors and borrowers suffering as a result of this lack of competition.

Banks do not rank in the top 150 companies by consumers for their service levels. File Picture: Denis Minihane

With the exit of KBC and Ulster Bank from banking in the Republic, the choice for personal and corporate customers is now very limited. 

That all adds up to the three dominant players having the freedom to decide on the interest rates they charge borrowers, the interest rates they offer savers, and the fees they charge for banking services. This is a poor outcome for a vibrant economy.