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Wednesday 8 February 2023 Dublin: 5°C

# Banking

Last month
January 2023
# Technical Difficulties
AIB says technical issue resolved after customers report difficulties accessing online banking
The bank had said some customers were “experiencing intermittent technical issues with our mobile app and internet banking”.
# Banking
One in eight Ulster Bank and KBC customers are yet to open a new account elsewhere - survey
68% of customers have either opened a new account or plan to use an existing account in another bank.
Last year
2022
# Interest Rates
Permanent TSB becomes latest bank to raise interest on fixed rate mortgages
The increases will range from 0.05% to 0.9% depending on a range of factors.
# Banking
Ulster Bank to begin freezing current and deposit accounts from today
The bank announced its withdrawal from the Irish market in February.
# Banking
Ulster Bank and KBC customers urged to update insurance before banks withdraw
Insurance Ireland has said that policies could lapse if customers don’t update their direct debits.
# Banking
Finance Committee hears update from KBC and Ulster Bank ahead of market withdrawal
Ulster Bank told the committee that around 1,000 accounts are currently on track to be frozen from 11 November.
# Banking
Mortgage customers 'frustrated' over wait times to switch lenders amid interest rate hikes
There has been a significant increase in applications over the last 12 months, brokers have said.
One customer started his application in July and still has not received a loan offer from the lender he wants to switch his mortgage to, Michelle Hennessy reports.
Brokers have said the exit of Ulster Bank and KBC from the market has left other lenders struggling to keep up with rising demand.
# Ulster Bank
Ulster Bank extends first account closure deadline until 4 November
The bank announced its withdrawal from the Irish market in February.
# bond buying
Explainer: Why the UK's chaotic financial markets forced the Bank of England to step in
The Bank intervened to try to bring surging yields in government bonds under control as they spiralled higher.
# exiting the market
Most customers leaving Ulster Bank and KBC haven't transferred direct debits
The two banks have been urging customers to get their accounts in order.
# Banking
Mortgage holders could save thousands by switching when fixed rate ends - consumer watchdog
The CCPC told the Department of Finance that it is concerned by the “impending increase” in the concentration of Ireland’s retail banking sector.
# Sorry
AIB apologises to customers over binned cashless branch strategy
The bank contacted account holders across Ireland today to confirm that cash services won’t be withdrawn from 70 branches.
# Banking
Ulster Bank to write to personal credit card holders to remind them to close accounts
Ulster Bank credit cards will no longer work from March 2023.
# Irish Banking
Almost 300,000 new current accounts have been opened this year, figures show
The figures indicated that Ulster Bank and KBC current account customers are heeding advice to switch banks.
# Financial Abuse
Cash is crucial to victims of domestic abuse or coercive control, says Women's Aid
AIB this week said its plan to go cashless in 70 branches was a ‘mistake’.
# cashless backtrack
TD calls for Oireachtas Committee to meet to 'establish who knew what and when' about AIB plans
It follows a report in the Irish Independent this morning that the Department of Finance knew about AIB’s plans in advance.
# Your Say
Poll: How often do you use cash/cheque services at a bank branch?
AIB said 70 of its branches will become cashless later this year.
# Finance committee
AIB to appear before Finance Committee over decision to go cashless at 70 branches
Fianna Fáil’s John McGuinness said that the provisional date for their appearance was 3 August.
# cashless banks
AIB should 'reconsider' decision to make 70 branches cashless, says Taoiseach
The branches will no longer offer cash or cheque services and if they have an ATM outside, it will be removed.
# Cabinet
Banker accountability Bill brought forward to Cabinet
The Bill aims to give greater powers to regulators to punish individual misconduct.
# postmasters
'Social value' of local post offices must be protected, communications committee hears
The committee heard today that local post offices were a fundamental part of smaller towns and villages, but were at risk of being subsumed by provision of services online.
# BOI
Bank of Ireland completes €427m purchase of Davy
Davy was put up for sale last year after the Central Bank of Ireland levied a fine of €4.1 million against the company.
# time to switch
KBC writes to customers giving them six months to close their accounts
The bank has 130,000 current accounts that are active or have a balance.
# Banking
Electric Ireland moves to reassure KBC and Ulster Bank customers over direct debit switchovers
The energy supplier has raised concerns about the ‘cumbersome’ paper-based process of switching some 65,000 customers.
# banking switch
Central Bank says more needs to be done to help customers as banks exit Irish market
The exit of KBC and Ulster Bank will whittle Ireland’s number of retail banks from five down to just three.
# KBC Bank
KBC Bank extends its account closure notice to six months
The original timeframe was 90 days.
# Green Light
AIB cleared to acquire €4.2 billion Ulster Bank loan porfolio
Ulster Bank is set to withdraw all of its banking services from Ireland.
# Account Switch
Central Bank tells sector 'more needs to be done' for customers hit by KBC and Ulster Bank closures
Both Ulster Bank and KBC Bank are winding down their operations in Ireland.
# Banking
Bank of Ireland announces CEO Francesca McDonagh to step down
McDonagh joined Bank of Ireland in October 2017 as Group Chief Executive Officer.
# Banking
AIB returns to profit as discussions underway to buy back some State shares
The bank will pay out €213 million to shareholders, including the State.
# The Banks
Bank of Ireland reports a pre-tax profit of €1.4 billion for 2021
Bank of Ireland CEO Francesca McDonagh said it delivered its “strongest performance since the global financial crisis”.
# Ukraine
SWIFT exclusion the most 'disruptive sanction' against Russia
Swift is a discreet but important cog in the machinery of international finance.
# Phoning it in
Central Bank calls on Irish banks to improve customer support waiting times
it conducted a review of the five main retail banks.
# PTSB
Permanent TSB apologises after 'technical issues' meant some customers didn't get wages
The issue has since been resolved.
# Housing
Highest number of mortgages drawn down last year since 2009
Mortgages drawn down in 2021 were worth a total of €10.5 billion, the highest value since 2008.
All time
# PTSB
Permanent TSB signs agreement to buy €7 billion of Ulster Bank mortgages and 25 branches
The bank will also acquire Business Direct and Lombard Asset Finance loan business under the deal.
# Withdrawal
Ulster Bank urges customers not to switch banks 'at last minute'
The bank has committed to giving up to six months notice of its departure in 2022.
# Forex
EU fines major banks €344 million over foreign exchange trading cartel
Barclays, Royal Bank of Scotland, HSBC and Credit Suisse all received fines.
# Banking
Banking review to assess mortgage pricing, savings rates and bankers' pay
The review will also assess submissions on the salary cap for bankers.
# Banking
Permanent TSB plans to take over €7.6 billion of Ulster Bank loans and 25 branches
Ulster Bank has over one million customers, along with 2,800 staff and 88 branches across the country.