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Fine Gael sharply criticises AIB and Bank of Ireland

DUBLIN: The Fine Gael Parliamentary Party Meeting assessed that the country’s two main banks “cannot be trusted.” Ministers and senior leaders have harshly criticised these banks. It was opined at the meeting that their actions were an insult to the banking and investment system.

TDs and senators have sharply criticised the country’s banking and investment system in the wake of the Davy stockbrokers scandal, Bank of Ireland branch closures and the withdrawal of Ulster Bank.

Finance Minister Pascal Dono has acknowledged that the past few weeks have been a “very difficult few weeks” for Irish banking. But he said the decision to close the bank branches was not something he could influence. He added that the new bank is unlikely to enter Ireland.

The Minister for Finance said the Davy scandal was “inexcusable” and the stockbroker made horrific interventions. The NTMA has decided to stop working with it, Minister said. He said the central bank has the power to impose further sanctions if they decide to do so.

Tánaiste Leo Varadkar said he would have given priority if the central bank had informed the government that Davy would be fined €4.1 million. Mr. Varadkar also suggested that the closed bank buildings should be used as government offices.

Former housing minister Eoghan Murphy has said that Ulster Bank’s withdrawal will only strengthen AIB and Bank of Ireland. Mr. Murphy also said that he did not trust them or their culture. He said the credit unions should play a bigger role.

This view was also supported by Senator Joe O’Reilly. Meanwhile, Senator Jerry Buttimer said he did not trust these banks based on how they treated people during the Pandemic. Veteran backbencher Bernard Durkan said the banks were extremely disrespectful to the government and public representatives.

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