Support urged for credit unions and post offices

DISASTER Banks have ‘no consideration’ for customers

Credit Unions and the An Post network will fill the gap left by main street banking brands departing the Irish market, and local people are being actively encouraged to support the services.

That was the collective message to emerge from the December monthly meeting of Cavan County Council, at which a reply from the office of the Minister for Finance regarding branch closures announced by Bank of Ireland was noted.

The loss of the Bank of Ireland branch in Kingscourt was described as a “disaster” at the meeting by Cathaoirleach, and local Fianna Fáil representative, Clifford Kelly.

Along with Kingscourt, Bank of Ireland closed its branches in Arva, Cootehill; and in Monaghan, shut branches in Castleblayney and Clones. Elsewhere in the region, branches in Granard (Longford), Castlepollard (Westmeath), Manorhamilton (Leitrim), and Athboy (Meath) also closed their doors.

For the likes of Cootehill, just 10 years ago, the town boasted three fully operating branches - BOI, AIB, and Ulster Bank - the latter two closing in 2012 and 2017 respectively.

For Kingscourt customers, the nearest BOI branch is now in Carrickmacross.

Cllr Kelly pointed to the wealth of industry in the town, and that the Minister for Finance should call the bank to account over the closures. “After all it was the public, the people of Ireland, who bailed them out.”

Fine Gael’s TP O’Reilly noted how the Credit Union had emerged as a viable alternative, especially in areas like Ballyconnell, where the Central Bank had approved the local branch to begin offering current accounts.

“The main pillar banks are nothing more than stockbrokers at this stage,” lambasted Cllr O’Reilly commenting on the financial lurch caused by bank closures in some towns. “I think the credit unions will fill the gap and I’d like to see more of it.”

Fellow party member Carmel Brady agreed. She pointed to where the Credit Union in Cootehill had invested in providing a 24/7 ATM service. But she said that, with regard to the post office, it was unable to accept cheques of €50,000 and above. “No good,” she said when it came to meeting the needs of the larger businesses trading in her home town.

“The solution is they have to go to Cavan,” she remarked, adding that Bank of Ireland “has a lot to answer for”.

While Aontú’s Sarah O’Reilly praised the retention of the Bank of Ireland branch in Bailieborough, she hit out at the downgrading of in-person services, railing against the “rush” to push customers into online banking. She said, for many, this simply wasn’t an option, remarking: “The whole thing needs to be looked at again.”

Independent Shane P O’Reilly remembered the impact of the loss of the National Irish Bank in Virginia, and said that the loss of Ulster Bank branches, save for Ballyjamesduff and Ballyconnell, was a serious threat to the respective towns. “Banks have no consideration for customers,” he said, expressing a hope that people would begin banking with credit unions and the post office.

He concluded by asking that the council write to the Minister for Finance again explaining in detail the impact the closures are having and urging his office to take account of the matter.