‘We need public banks’ says Filan

ALLOWING Bank of Ireland to enter into a contract with Post Offices to provide ‘community’ banking throughout the country is the “fiscal equivalent of letting a fox guard the henhouse” Renua Ireland Sligo Leitrim candidate Finbarr Filan has warned.

Mr Filan said of the proposal: “Bank of Ireland is abandoning rural Ireland across the board. The recently announced service centre in Tubbercurry is just one example. It has betrayed and robbed its customers and abandoned small businesses.

“The government is engaged in a stroke where banks win again, and citizens lose. The government can pretend all it wants that this saves Post Offices and introduces “Community” Banking.

“Instead of introducing diversity this foolish move will increase the market dominance of our failed pillar banks. Ireland needs real Public and Community banking to compete with the banks. The way forward for the Post Office Network is to replicate what the New Zealand government did in 2002; to set up Ireland’s version of the Kiwi Bank. This now has 20% of the New Zealand market and growing,” he said.