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Banks open 55,000 accounts in a month

The body that represents the Irish retail banks has launched a public-information campaign aimed at providing advice to customers who need to switch their bank accounts due to the exit of KBC and Ulster Bank from the Irish market.

The figures come days after the banks’ latest meeting with the Central Bank, which has called for the massive transfer of accounts to happen “in line with customer needs and expectations”.

Banking & Payments Federation Ireland (BPFI) has also published figures showing that the three main banks opened more than 55,000 personal current accounts in the four weeks ending 10 June.

The figures, part of a new series to be updated monthly, also show that around 222,000 personal current accounts have been opened so far in 2022.

‘Opportunity’ for sector

BPFI’s awareness campaign includes a website, on which it says consumers and businesses can find information and advice on how to move an account, and how to manage other services, such as direct debits, standing orders, overdrafts, and card payments.

The Central Bank last week welcomed commitments made by the banks on the transfer of accounts, describing the process as “a real opportunity for the retail banking sector to deliver on the public commitments made in recent years in relation to cultural change and improving confidence in the banking sector”.

BPFI chief executive Brian Hayes said that the organisation and its members fully recognised the upheaval that customers were facing.

Hayes added that, while the banks were “very mindful” of the “significant task” facing them in the weeks and months ahead, the new figures demonstrated the “intensive efforts” they were making to facilitate new customers as quickly and efficiently as possible.

“We will continue to track these numbers in the coming months, which will allow members to assess and manage operational capacity within the system,” he said.