Council wants answers
Bank of Ireland’s (BOI) decision to shut up to 88 of its branches in Ireland has been described as “devastatingly disappointing” at a recent Cork County Council meeting.
Addressing the council on Monday, Fianna Fáil Councillor Deirdre O’Brien asked that letters demanding answers be sent to both BOI officials and Minister for Finance Paschal Donoghue.
She said towns needed investment, not closures, and that BOI’s decision to close nine branches in Cork would result in the loss of a “vital service” in many areas.
“It will affect the elderly, people with internet issues and small businesses, not to mention anxiety for staff who have been with them for years,” said Cllr O’Brien.
The nine BOI branches set to close in Cork in September are MTU, Glanmire, Bantry, Cobh, Dunmanway, Kanturk, Millstreet, Mitchelstown and Youghal.
Having recently announced a new partnership with BOI, An Post will carry out banking services in areas affected by the closures.
Cllr O’Brien said if BOI goes ahead with the closures, it will need to look at the needs of each affected town individually to ensure that proper service can be provided by An Post.
She said: “Customers should not have to contend with delays and long queues on days when post offices are already busy.”
Independent Councillor Declan Hurley also condemned the decision by BOI and said he was shocked by the Minister for Finance’s response to a letter sent to him from Councillor Hurley’s municipal district.
According to Councillor Hurley, Minister Donoghue’s response indicated that, as Minister for Finance, he has no role in the commercial decisions made by any bank in the state.
Councillor Hurley said he was shocked that a minister would respond in such a way considering that the state owns a significant percentage share in the bank.
“To the best of my knowledge, we have a 14 per cent share in BOI, and for any minister to come out and make that statement, it beggar’s belief,” said Cllr Hurley.
In a statement, BOI said its decision to close the branches was in response to significant trends in how people are banking, stating that footfall at the chosen branches was down by an average of 60 per cent while digital usage has increased by one third.
Gavin Kelly, CEO, Retail Ireland, Bank of Ireland said: “Although the trend has been to close branches, we have kept our branch network largely unchanged over the past decade. But we’ve now reached a tipping point between online and offline banking.”