Plan needed to address rural downfall from bank closures

IT WAS with deep regret that I learnt last week of another 103 bank branch closures on this small island of ours.

I travel extensively throughout the country with my work and it saddens me greatly to see the demise of numerous country towns with the advent of so called ‘shopping centres’ located outside the town and now many small towns now left with no bank branch facility.

Are they to become virtual towns I ask myself? Take Ballyhaunis, Co Mayo, for example, where I worked with Bank of Ireland back in the 1960s. Three years ago, AIB, Ulster Bank and Bank of Ireland were located in the town. From next September, when Bank of Ireland closes its doors for the last time, there will be no bank branch located in the town.

Are we not trying to promote and regenerate the west along with all the new possibilities for remote working with highspeed internet access?

Last year, the Minister for Finance, Paschal Donohoe, indicated that he regretted not selling more of the State-owned AIB (72pc), and PTSB (75pc), while the market price was higher. Thankfully, the Government continues to retain majority stakes in both these banks, and I suggest they should take a more active role in developing a socialstrategic plan for the well-being of all, rather than simply looking at what the bankers like to call “maximising shareholder value” to the detriment of our rural communities and towns.

Pat Coakley Glenageary, Co Dublin