Ulster Bank closure will be a ‘body blow’ to Fermoy
O’KEEFFE CALLS ON BANK TO REVERSE DECISION TO CLOSE FERMOY BRANCH
THE town of Fermoy has been dealt a “major body blow” by the decision by Ulster Bank to close its branch in the North Cork town.
The Fermoy branch, along with those in Ballincollig, Carrigaline and Blackpool, are among 22 branches set to close their doors between June and September with the loss of up to 220 jobs.
The bank has defended the closures and lay-offs, saying that it was prompted by the move to online banking, with more than 60% of total transactions made digitally during 2016 compared to with just 10% in branches.
The bank further pointed out that it was seeing an average of just 30 people per day using the 22 branches that it is closing down.
Ulster Bank chief executive Gerry Mallon said that in addition to doubling its number of mobile units, they will be introduce community banks with officials on hand to help people with digital transactions and would be increasing investment in its remaining 88 branches.
He said the decision to close the 22 branches was not one the company took lightly.
“Our branch network remains an important part of how we serve our customers,” Mr Mallon said.
“However, the role of the branch continues to move toward advice and away from day-to-day transactions, with only 10% of our customers interactions now happening in branch,” he added.
Cork East Fianna Fail TD Kevin O’Keeffe has called on Ulster Bank to reverse the decision to close the Fermoy branch, saying the move would have huge implications for the town and indeed the wider Avondhu region.
“The proposed closure will leave just two banks operating in Fermoy, reducing competition. It will also leave many personal and local business customers in the lurch, scrambling to make alternative banking arrangements,” said Deputy O’Keeffe.
“Fermoy has suffered a lot over the past decade. While things may have improved somewhat in recent months, this closure will come as a huge body blow to the town. I am particularly concerned about the impact this closure will have on older customers, many of whom are not up to speed with online banking and prefer to speak to someone face-to-face,” he added.
Deputy O’Keeffe said that while the closure was a disaster for Fermoy, its repercussions would be felt well beyond the town boundary.
“The farming community across North Cork will be hit particularly hard by this closure. Many of their banking needs can not be dealt with over the phone of online. For them, using the branch is the best use of their time and this closure will, I believe adversely affect their businesses,” he said.