Lowry calls for the establishment of State supported Community Bank

Photo from Oireachtas

Tipperary TD Michael Lowry is calling for the establishment of a State supported Community Bank following recent upheaval in the banking sector.

Ulster Bank has announced its intention to exit the Irish market, while Bank of Ireland will close 103 branches on the island by September, including in Cahir, Cashel and Templemore.

Addressing Tánaiste Leo Varadkar in the Dáil, deputy Lowry said there are serious concerns now about a lack of competition in the market:

“I believe we should review the option of establishing a State supported community bank.

“The post office network and the credit unions have the capacity and ability to bring financial services to the public.

“This community model works very successfully in Germany and other European countries.

“Pillar banks and a community bank can co-exist in this market.

“The departure of Ulster Bank has left the Irish consumer reliant on a duopoly.”