Banks told 'do more' to protect 1m customers who could be left in limbo

Account-holders are being warned to act fast to avoid non-payment of utility bills and direct debits, which could impact their long-term credit rating.

Irish banks have been told they must do more to protect consumers, as the imminent departure of Ulster Bank and KBC Bank from the market threatens to leave over 1m personal and business account-holders in financial limbo.

"Customers did not ask to be in this situation," Central Bank chiefs warned on Tuesday, after a roundtable meeting with the five main retail banks where it was agreed “more work is required”.