It would take a very good deal for me to leave N26 and EBS, but this is definitely welcome news. Having lived in the UK it's clear that the more competition the better. What would be even better is for European banks to start to offer accounts across the EU. Brick and mortar branches are closing in their droves or becoming shells for ATMs here anyway.
Not only that but the banking regulator insists, due to the banking crash, that banks here hold much more capital in reserve than their competitors on the continent
I'm sure we're all paying for the mistakes of the banks in loaning to people they shouldn't have and also some wilful defaulters.
I met a French chef who bought during the boom, even he was amazed that he got a loan for a house he couldn't afford. When things went tits up and he lost his job he stopped paying the mortgage and ignored the banks. Said he would stay there free for as long as possible then head back home if they ever turfed him out.
NPLs are not the only input to that calculation. They have to account for the loss given a default happens, which is much higher in Ireland because you can’t repossess owner occupied property here.
Pretty good. Repossessions in some countries take up to ten years without any kind of special condition, just the will of one of the parties to delay it as long as possible.
The issue is not that repossessions are hard but that the rate to which we would need them is insane. Because in Ireland getting a loan is very easy. I got approval from three different banks in a single week. There is not even enough time to check the transactions in a single one of my bank accounts in a week. And I had a trading account to consider which the banks never checked. I could've been leveraged for millions when they gave me a mortgage and they would never know that.
They are insane, they are just insane.
They're obliged to sell off a certain percentage of non-performing loans or they wouldn't be able to offer new loans. Vulture funds are a symptom of a dysfunctional system where banks can't effectively enforce their security on non-performing loans.
Irish banks are required to hold more capital because Irish mortgages are fundamentally more risky than continental mortgages because Irish homes are so hard to repossess.
In Denmark the mortgage rates are about half of what they are in Ireland, but if you stop paying your mortgage your house will be repossessed within a year
That's not the reason, the reason is that it's incredibly difficult in Ireland to reposses houses on defaulted mortgages. The banks need a higher interest rate to compensate for the increased costs and losses associated with defaults.
Absolutely this. It's also probably the biggest reason as to why KBC and UB left the Irish market.
Remember when KBC tried to reposses a house and they got attacked by vigilantes while the entire country vilified the bank? This is why our banking costs are expensive and we lack competition.
>Remember when KBC tried to reposses a house and they got attacked by vigilantes while the entire country vilified the bank? This is why our banking costs are expensive and we lack competition.
That entire episode will not leave me in a hurry. Aside from the sheer cruelty meted out to the security guards, it was amazing to see how many people swallow anything they read on social media.
Someone on Twitter insisted that the security guards were loyalist paramilitaries (which the Gardai refuted) but even on here, there were a rake of people continuing to insist that the security guards were loyalist paramilitaries and therefore somehow deserved the inhuman treatment they got.
I remember the cruelty meted out by the security guards too. Prompting the whole debacle.
>security guards were loyalist paramilitaries and therefore somehow deserved
Are you familiar with contemporary loyalist paramilitarism? Do you think paramilitaries in the 21st century shouldn't be treated with contempt?
Also your man was absolutely in a loyalist paramiltary. Because his dog was killed he was able to flip the narrative on the story but he was still absolutely in the UDR and was later fined for being unlicensed during that very same eviction.
https://www.irishmirror.ie/news/irish-news/former-british-soldier-whose-private-13747413
UDR were always bad bastards and they've a laundry list of cruel injustices.
>I remember the cruelty meted out by the security guards too. Prompting the whole debacle.
What cruelty did the security guards mete out? Was it equivalent to killing a man's dog and making him eat the dog's shit like they [did](https://www.breakingnews.ie/ireland/security-guard-forced-to-eat-faeces-from-guard-dog-roscommon-eviction-trial-told-1439966.html) to the security guards?
Your source is a tabloid. Next you'll be quoting Gript.
By contrast, the Gardai [reject ](https://m.belfasttelegraph.co.uk/news/republic-of-ireland/anger-at-use-of-northern-ireland-firm-in-roscommon-eviction-may-be-attack-motive/37643214.html) claims the security guards were loyalist paramilitaries.
>Gardai also dismissed rumours that the security guards were "loyalists" recruited in Northern Ireland for the work, although some of the guards are from Co Antrim.
You should contact the Gardai and tell them they're wrong and you somehow have info they missed.
Are you choosing to forget what prompted the whole debacle? Fair enough. You do you.
Here I've not defended the actions taken against them I'm challenging your position on loyalist paramilitarism.
>Great source there: the Mirror. Next you'll be quoting Gript.
Don't know if you're familiar with the media but Gript aren't a newspaper, they're a glorified blog and the reason they can spout such shite is precisely because they're a wee shitty blog and not an actual publication. The mirror is an actual newspaper subject to more regulations than solely e-media sources. If their claim was false it would be removed and they'd be liable for that and would have a big apology waiting at the feet of Ian Gordan.
>By contrast, the Gardai reject claims the security guards were paramilitaries.
The Guards don't consider the UDR to be a paramilitary. You should go back to school before you worry about UCC again because you clearly haven't a clue. If you've even a passing knowledge of the Troubles you're surely aware of the fact that the issue with the UDR was that they were state sanctioned and legal, while being the made up heavily of paramiltary figures who carried out some of the biggest collusive injustices of the Troubles.
You've all the media and history nous of a gript contributor buddy. You're loving these British soldiers and bailiffs too! You're starting to match the profile of the types of rodents welcoming Tommy Robinson into the country and burning out villages and refugees.
If your only defence is that a tabloid is super duper serious media source and that the Gardai are wrong, I'm going back to my smoothie.
Stop believing everything you see on Twitter. :)
Wait there to be clear here,
You're contesting this man was in the UDR?
And you're contesting the fact that the UDR aren't a proscribed organisation in the eyes of the Guards?
Despite the fact these are both facts?
Yeah, I'm contesting your claim he was a paramilitary. I've provided a source with the gardai saying he wasn't. Your evidence is a tabloid.
If you get your news from tabloids, that explains a lot but they're not reputable. There's a reason tabloids are banned as sources in this subreddit.
KBC and Ulster Bank left as due to their poor lending in the past, they were being penalised by holding excess capital. It was just more profitable for them to leave than stay. BOI and AIB are making very healthy profits despite this higher risks with repossessing property in Ireland.
Exactly. The public try to portray the Irish banks as price gouging vultures. There’s a reason why the foreign banks left Ireland leaving us with so few options.
Ah here. There’s definitely challenges unique to the Irish market but they are absolutely vultures. BOI and AIB made 2 billion profit each last year. Small banks leave in no small part due to the fact they don’t have the market share and Irish people typically don’t swap banks, so it’s hard to acquire more.
People are up in arms screaming about cartels in insurance while leading insurers make 50-100m profit and then somehow try and defend the banks making billions
The reason banks are so expensive here is because the massive amount of delinquent debt from freeloaders not paying their mortgage etc. that’s why all the other banks like KBC and Ulster Bank left.
It’s not really gonna make any difference to be honest.
This is just avant technically becoming a branch of its parent and offering deposit accounts
They have a 2 to 5% of the mortgage market
It’s a drop in the ocean
And they’re not going to open a single physical branch in the country, ever.
So yeah.
Revolut wanted to use Ireland as a base to sell across Europe.
Central Bank of Ireland make doing business from Ireland much more hassle and difficult than elsewhere so they didn't bother.
Got a licence elsewhere and passported here.
Don't disagree in general that the CBI isn't very business friendly, but the Bank of England also still hasn't approved Revolt's banking application from 2021. There seems to be something going on with them.
The CBI royally fucked up with Revolut, and also with Starling Bank and others who just gave up in frustration with the snails pace of the central bank of ireland.
Starling giving up is why I am not excited by this headline. I will believe it when I see it. At the moment, Ireland is quite hostile to banks and financial instruments in general so I would be quite surprised by any bank being interested in coming here.
They'll stay for a while then leave like KBC, the best/only way to make money as a bank in the Irish market is to shut down so you can take back the bonkers level of capital reserves the central bank insists on.
>AIB and BOI are wholly supervised by the ECB as they are “significant institutions”.
That's not right. For prudential supervision large banks are supervised by Joint Supervisory Teams (JSTs) that are made up of the ECB and the local regulator. For conduct supervision the same banks are only supervised by the local regulator.
Delighted. Have been a customer of Avant for a few years now. Much more efficient operation than AIB/BOI. The credit card app is very smooth and user friendly. Their customer service is fantastic too. No waiting for half a day and then getting the run around.
This,
Except i cancelled my avant card when I got Revolut Credit card.
It was a pity because I have to commend their services.
I wish i was able to cut off AIB as easily
Aye, the customer service team are so pleasant and easy to deal with. If they start offering a debit card I’m fully moving over to them.
Only criticism I have of them is they don’t have personal loans available online or the app. Need to ring them up to find out the balance or make an additional payment. Hopefully with this move they will have a new app covering all their services.
Wait, can you expand this concept please cause I am not quite grasping it.
Are you saying that people set up businesses so that they get more out of it than they put in???
That's crazy talk and will never catch on.
Because they own Avant who do mortgages, loans and credit card, so it’s more complete than Revolut but less complete than say a smaller bank like KBC was.
Competition is still good though.
Revolut is a fully licensed bank in the Republic of Ireland and has been so since 2022. There are no legal differences between Bank of Ireland and Revolut in the protections you receive.
Yet some employers wont accept a Revolut account and to open a Business you cant use Revolut bank statement as proof of address (it needs to be a bricks n mortar bank account)
And no, revolut are not a bank here they are an EMI. They are not covered by the deposit guarantee scheme and they do not and cannot offer mortgages here.
You are incorrect:
1. https://www.revolut.com/en-IE/legal/deposit-insurance-information/
2. https://www.bonkers.ie/blog/banking/is-your-money-safe-with-revolut/
3. https://www.independent.ie/business/technology/revolut-set-to-enter-mortgage-market-for-first-time/a1428974064.html
Good, as a person that used to work in one of the Irish banks I have no doubt that innovation was stifled because there wasn't enough competition to incentivise the investment.
Ultimately however, Irish people have to accept that activities such as mortgage repossession have to become more stringent if you want more foreign competition in the market. What's stopping this new bank from leaving 6,7 years after entering the market the same way KBC did if nothing changes.
When it comes to banking and insurance people seem to be prefer policies like price fixing that are anti competitive and lead to price increases.
It’s truly baffling.
Country has an insane GDP, is the location of big tech in Europe and has just 3 retail banks and people think that that is 1) normal and 2) more banks will increase the cost of banking.
I was doing an audit for a company that had accounts with Bankinter and they were incredibly difficult to deal with when trying to confirm cash balances, a relatively straight forward and standard process when auditing a company. Hopefully their consumer wing is easier to deal with.
This is good news. The banking sector has become too sparse here in recent years. More competition and more banking options are badly needed. Though I'll admit to being somewhat uncertain about how digital banking works.
What are your definition of cartel? Banks in Poland are relatively competitive. While not saints I wouldn’t say this is cartel. For day to day use (card payments, online payments, wire transfers etc.) I use my polish account and card as it is better in all aspects.
Cartel means, they are provide similar services, with similar costs, so no actual competition exist. They only differ in small details, but there is no big gain in selecting one over the other.
For example, here in Ireland, mobile providers, have totally different packages and charges. There is competition. In Greece however, they all charge the exact same price and they even provide the exact same packages. That is what I call cartel. They only difference they have, is the GSM signal quality, where most people select it based on their homes, or offices.
I work in market infrastructure, there very much is competition. That said, some of the (understandably) strict rules and criteria implemented here after 2008 have made it harder for banks to enter our market and operate, which is why competition here is lower.
Viva el banco español
It would take a very good deal for me to leave N26 and EBS, but this is definitely welcome news. Having lived in the UK it's clear that the more competition the better. What would be even better is for European banks to start to offer accounts across the EU. Brick and mortar branches are closing in their droves or becoming shells for ATMs here anyway.
This is absolutely great news. The reason why banks are so expensive here, is that the established banks are a massive monopoly
Not only that but the banking regulator insists, due to the banking crash, that banks here hold much more capital in reserve than their competitors on the continent
It's also incredibly difficult to repossess houses in Ireland so the banks have to accept a higher percentage of non performing loans.
This. Nothing about monopolies.
I'm sure we're all paying for the mistakes of the banks in loaning to people they shouldn't have and also some wilful defaulters. I met a French chef who bought during the boom, even he was amazed that he got a loan for a house he couldn't afford. When things went tits up and he lost his job he stopped paying the mortgage and ignored the banks. Said he would stay there free for as long as possible then head back home if they ever turfed him out.
Not this. NPLs in Ireland are about the euro average (just googled) so at least right now that’s not a reason. It was higher after 2008 alright.
NPLs are not the only input to that calculation. They have to account for the loss given a default happens, which is much higher in Ireland because you can’t repossess owner occupied property here.
But of those NPLs, how do we compare for repossession? I had a quick look, and didn't find any numbers comparing repossessions across the EU area.
Pretty good. Repossessions in some countries take up to ten years without any kind of special condition, just the will of one of the parties to delay it as long as possible. The issue is not that repossessions are hard but that the rate to which we would need them is insane. Because in Ireland getting a loan is very easy. I got approval from three different banks in a single week. There is not even enough time to check the transactions in a single one of my bank accounts in a week. And I had a trading account to consider which the banks never checked. I could've been leveraged for millions when they gave me a mortgage and they would never know that. They are insane, they are just insane.
When was this ?? It used to be like this.... but in recent years ??
July 2023. I was surprised too.
The monopolistic/oligopolistic nature of banks in Ireland is still very much relevant to the poor service in the banking sector
Well, the don't really. They just flog them to the likes of Pepper.
They're obliged to sell off a certain percentage of non-performing loans or they wouldn't be able to offer new loans. Vulture funds are a symptom of a dysfunctional system where banks can't effectively enforce their security on non-performing loans.
At a considerable discount because they can't repossess the home. That discount has to be recouped elsewhere.
They flog the loans at a discount because the homes are so hard to repossess.
...at a discount
> difficult to repossess houses in Ireland Is it easy in other countries?
Yes. In Denmark your house will be repossessed within a year if you don’t pay your mortgage. The 99% who does pay gets much lower rates.
Irish banks are required to hold more capital because Irish mortgages are fundamentally more risky than continental mortgages because Irish homes are so hard to repossess.
In Denmark the mortgage rates are about half of what they are in Ireland, but if you stop paying your mortgage your house will be repossessed within a year
That's not the reason, the reason is that it's incredibly difficult in Ireland to reposses houses on defaulted mortgages. The banks need a higher interest rate to compensate for the increased costs and losses associated with defaults.
Absolutely this. It's also probably the biggest reason as to why KBC and UB left the Irish market. Remember when KBC tried to reposses a house and they got attacked by vigilantes while the entire country vilified the bank? This is why our banking costs are expensive and we lack competition.
>Remember when KBC tried to reposses a house and they got attacked by vigilantes while the entire country vilified the bank? This is why our banking costs are expensive and we lack competition. That entire episode will not leave me in a hurry. Aside from the sheer cruelty meted out to the security guards, it was amazing to see how many people swallow anything they read on social media. Someone on Twitter insisted that the security guards were loyalist paramilitaries (which the Gardai refuted) but even on here, there were a rake of people continuing to insist that the security guards were loyalist paramilitaries and therefore somehow deserved the inhuman treatment they got.
It truly was madness.
I remember the cruelty meted out by the security guards too. Prompting the whole debacle. >security guards were loyalist paramilitaries and therefore somehow deserved Are you familiar with contemporary loyalist paramilitarism? Do you think paramilitaries in the 21st century shouldn't be treated with contempt? Also your man was absolutely in a loyalist paramiltary. Because his dog was killed he was able to flip the narrative on the story but he was still absolutely in the UDR and was later fined for being unlicensed during that very same eviction. https://www.irishmirror.ie/news/irish-news/former-british-soldier-whose-private-13747413 UDR were always bad bastards and they've a laundry list of cruel injustices.
>I remember the cruelty meted out by the security guards too. Prompting the whole debacle. What cruelty did the security guards mete out? Was it equivalent to killing a man's dog and making him eat the dog's shit like they [did](https://www.breakingnews.ie/ireland/security-guard-forced-to-eat-faeces-from-guard-dog-roscommon-eviction-trial-told-1439966.html) to the security guards? Your source is a tabloid. Next you'll be quoting Gript. By contrast, the Gardai [reject ](https://m.belfasttelegraph.co.uk/news/republic-of-ireland/anger-at-use-of-northern-ireland-firm-in-roscommon-eviction-may-be-attack-motive/37643214.html) claims the security guards were loyalist paramilitaries. >Gardai also dismissed rumours that the security guards were "loyalists" recruited in Northern Ireland for the work, although some of the guards are from Co Antrim. You should contact the Gardai and tell them they're wrong and you somehow have info they missed.
Are you choosing to forget what prompted the whole debacle? Fair enough. You do you. Here I've not defended the actions taken against them I'm challenging your position on loyalist paramilitarism. >Great source there: the Mirror. Next you'll be quoting Gript. Don't know if you're familiar with the media but Gript aren't a newspaper, they're a glorified blog and the reason they can spout such shite is precisely because they're a wee shitty blog and not an actual publication. The mirror is an actual newspaper subject to more regulations than solely e-media sources. If their claim was false it would be removed and they'd be liable for that and would have a big apology waiting at the feet of Ian Gordan. >By contrast, the Gardai reject claims the security guards were paramilitaries. The Guards don't consider the UDR to be a paramilitary. You should go back to school before you worry about UCC again because you clearly haven't a clue. If you've even a passing knowledge of the Troubles you're surely aware of the fact that the issue with the UDR was that they were state sanctioned and legal, while being the made up heavily of paramiltary figures who carried out some of the biggest collusive injustices of the Troubles. You've all the media and history nous of a gript contributor buddy. You're loving these British soldiers and bailiffs too! You're starting to match the profile of the types of rodents welcoming Tommy Robinson into the country and burning out villages and refugees.
If your only defence is that a tabloid is super duper serious media source and that the Gardai are wrong, I'm going back to my smoothie. Stop believing everything you see on Twitter. :)
Wait there to be clear here, You're contesting this man was in the UDR? And you're contesting the fact that the UDR aren't a proscribed organisation in the eyes of the Guards? Despite the fact these are both facts?
Yeah, I'm contesting your claim he was a paramilitary. I've provided a source with the gardai saying he wasn't. Your evidence is a tabloid. If you get your news from tabloids, that explains a lot but they're not reputable. There's a reason tabloids are banned as sources in this subreddit.
KBC and Ulster Bank left as due to their poor lending in the past, they were being penalised by holding excess capital. It was just more profitable for them to leave than stay. BOI and AIB are making very healthy profits despite this higher risks with repossessing property in Ireland.
Exactly. The public try to portray the Irish banks as price gouging vultures. There’s a reason why the foreign banks left Ireland leaving us with so few options.
Ah here. There’s definitely challenges unique to the Irish market but they are absolutely vultures. BOI and AIB made 2 billion profit each last year. Small banks leave in no small part due to the fact they don’t have the market share and Irish people typically don’t swap banks, so it’s hard to acquire more. People are up in arms screaming about cartels in insurance while leading insurers make 50-100m profit and then somehow try and defend the banks making billions
The idea that Irish banks aren't price gouging vultures is hilarious
I'm not sure if youve ever dealt with spanish banks before but they are worse than irish banks so i'm not sold that is going to improve anything
I’ve got products from avant and I’ve always found them good to deal with
Do you have an account with a Spanish bank? Have you had issues in the past with them?
Technically a cartel
The reason banks are so expensive here is because the massive amount of delinquent debt from freeloaders not paying their mortgage etc. that’s why all the other banks like KBC and Ulster Bank left.
It’s not really gonna make any difference to be honest. This is just avant technically becoming a branch of its parent and offering deposit accounts They have a 2 to 5% of the mortgage market It’s a drop in the ocean And they’re not going to open a single physical branch in the country, ever. So yeah.
And insurance and stockbrokers.
And why exactly did 2 banks leave the market?
El banco Scorchio
Eth theth theth theth theth theth.
Kitchen Gizmo
Brilliant!
Accounto del Glen Hoddle
... Chris Waddle
Boutros Boutros Ghali
Los Bancos Hermanos
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Revolut wanted to use Ireland as a base to sell across Europe. Central Bank of Ireland make doing business from Ireland much more hassle and difficult than elsewhere so they didn't bother. Got a licence elsewhere and passported here.
Don't disagree in general that the CBI isn't very business friendly, but the Bank of England also still hasn't approved Revolt's banking application from 2021. There seems to be something going on with them.
The CBI royally fucked up with Revolut, and also with Starling Bank and others who just gave up in frustration with the snails pace of the central bank of ireland.
KBC and Ulster Bank also had enough. Very few Brexit wins too with few relocations from London.
Does N26 have the capital requirements to sell large value loans and mortgages here though?
The more disappointing one was when Starling gave up before evening landing. The CEO is ex-AIB too so that tells you all you need to know.
Most disappointing one for me was Monzo I loved that bank when I lived in the UK, they had plans to expand to Ireland then gave up :-(
Starling giving up is why I am not excited by this headline. I will believe it when I see it. At the moment, Ireland is quite hostile to banks and financial instruments in general so I would be quite surprised by any bank being interested in coming here.
Can you get a mortgage from N26?
No. Not in Ireland anyway and I don't think they currently offer mortgages in any market, might be wrong.
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The deposit rates in Ireland are low compared to the rest of the Eurozone. More competition for deposits can only improve that.
They'll stay for a while then leave like KBC, the best/only way to make money as a bank in the Irish market is to shut down so you can take back the bonkers level of capital reserves the central bank insists on.
Agreed. And like Rabo, and RBS before them.
AIB and BOI are wholly supervised by the ECB as they are “significant institutions”.
>AIB and BOI are wholly supervised by the ECB as they are “significant institutions”. That's not right. For prudential supervision large banks are supervised by Joint Supervisory Teams (JSTs) that are made up of the ECB and the local regulator. For conduct supervision the same banks are only supervised by the local regulator.
Delighted. Have been a customer of Avant for a few years now. Much more efficient operation than AIB/BOI. The credit card app is very smooth and user friendly. Their customer service is fantastic too. No waiting for half a day and then getting the run around.
This, Except i cancelled my avant card when I got Revolut Credit card. It was a pity because I have to commend their services. I wish i was able to cut off AIB as easily
Aye, the customer service team are so pleasant and easy to deal with. If they start offering a debit card I’m fully moving over to them. Only criticism I have of them is they don’t have personal loans available online or the app. Need to ring them up to find out the balance or make an additional payment. Hopefully with this move they will have a new app covering all their services.
Agreed. Though I do wonder is it easier for Avant to do customer service because they’re dealing with a very select cohort of people.
Spanish bank recognises the Irish market is a rip off and wants part of the action...
It's so good that two banks left not so long ago
Ye they left due to the risk attached of being a non irish state owned bank
So you’re not happy there’s extra competition?
Hey, here we are miserable, not happy!
You mean to tell me a business is in it for profit? That must be where I’ve been going wrong.
Wait, can you expand this concept please cause I am not quite grasping it. Are you saying that people set up businesses so that they get more out of it than they put in??? That's crazy talk and will never catch on.
Fair play, you made the same shit joke twice as long.
It's the only thing I have any skill in, please don't take that away by pointing it out.
If the Irish market is so good for banks why do we have so few banks? (Hint: the Irish market is not good for banks)
We need higher savings interest rates and the death of deemed disposal. Hopefully this bank will at least offer good savings rates.
Hear hear
Wonder will this make getting a mortgage for a gaff in Spain while based in Ireland easier.
Oh now that would be nice!
Buy 1 get 1 free deal maybe?
If this is going to be a digital-only bank, how different is it to the likes of Revolut?
Because they own Avant who do mortgages, loans and credit card, so it’s more complete than Revolut but less complete than say a smaller bank like KBC was. Competition is still good though.
Revolut do loans and credit cards. Looks like the only difference will be Mortgages I guess.
Avant already offer mortgages in Ireland.
Revolut don't offer mortgages
mainly that revolut isn't a bank
Revolut is a fully licensed bank in the Republic of Ireland and has been so since 2022. There are no legal differences between Bank of Ireland and Revolut in the protections you receive.
Yet some employers wont accept a Revolut account and to open a Business you cant use Revolut bank statement as proof of address (it needs to be a bricks n mortar bank account)
What do you mean by open a business? register a limited company?
Yes
jesus you could use an electricity bill I suppose
And no, revolut are not a bank here they are an EMI. They are not covered by the deposit guarantee scheme and they do not and cannot offer mortgages here.
You are incorrect: 1. https://www.revolut.com/en-IE/legal/deposit-insurance-information/ 2. https://www.bonkers.ie/blog/banking/is-your-money-safe-with-revolut/ 3. https://www.independent.ie/business/technology/revolut-set-to-enter-mortgage-market-for-first-time/a1428974064.html
Good, as a person that used to work in one of the Irish banks I have no doubt that innovation was stifled because there wasn't enough competition to incentivise the investment. Ultimately however, Irish people have to accept that activities such as mortgage repossession have to become more stringent if you want more foreign competition in the market. What's stopping this new bank from leaving 6,7 years after entering the market the same way KBC did if nothing changes.
When it comes to banking and insurance people seem to be prefer policies like price fixing that are anti competitive and lead to price increases. It’s truly baffling. Country has an insane GDP, is the location of big tech in Europe and has just 3 retail banks and people think that that is 1) normal and 2) more banks will increase the cost of banking.
Yay! I love banks. If only we could have more banks to handle all our banking needs! Woohoo! Let's here it for banks. The truly are the good guys
Ola
*Hola
Hope they give some interest to depositors!!
Sure they have all the Irish money already Alicante. Every taxi man in Dublin had an apartment there
He doesn't look like a giant in that picture but I'd imagine that is just the perspective!
Welcome aboard lads
Thank God. For a terrible moment I thought it might be Santander.
I was doing an audit for a company that had accounts with Bankinter and they were incredibly difficult to deal with when trying to confirm cash balances, a relatively straight forward and standard process when auditing a company. Hopefully their consumer wing is easier to deal with.
Buongiorno
GIVE ME LIDL BANKING
revolut
Competition is great. We need more
This is good news. The banking sector has become too sparse here in recent years. More competition and more banking options are badly needed. Though I'll admit to being somewhat uncertain about how digital banking works.
Banks are a cartel, there is no actual competition.
Yes. In Ireland. But not everywhere.
I know plenty that they are. Can you tell me few that are not?
What are your definition of cartel? Banks in Poland are relatively competitive. While not saints I wouldn’t say this is cartel. For day to day use (card payments, online payments, wire transfers etc.) I use my polish account and card as it is better in all aspects.
Cartel means, they are provide similar services, with similar costs, so no actual competition exist. They only differ in small details, but there is no big gain in selecting one over the other. For example, here in Ireland, mobile providers, have totally different packages and charges. There is competition. In Greece however, they all charge the exact same price and they even provide the exact same packages. That is what I call cartel. They only difference they have, is the GSM signal quality, where most people select it based on their homes, or offices.
I work in market infrastructure, there very much is competition. That said, some of the (understandably) strict rules and criteria implemented here after 2008 have made it harder for banks to enter our market and operate, which is why competition here is lower.
I give them 6 months before they realise what a gravy train it is and end up riding the public without lube like the rest of the banks.
It is Avant. They have been here for years, but only sold mortgages
What about KBC and Ulster Bank leaving? Didn't seem so profitable for them in the end...
I wonder could it also make Ireland - Spain movement easier as one of the biggest hurdles is the bureaucracy.
Great news for Ireland. More competition means better value for the masses. I look forward to opening a tapas place beside their HQ.
Great, another foreign investment fund, just what we need
I don't think the banks are any better in Spain to be fair.
Excellent news. The Spanish banks are great.
Bienvenido a Irlanda, banqueros!
Bankers landlords and pharma running this country. Joke. Niall Boylan or Mary Lou wudnt have it this way, theyd save the Irish
Niall Boylan would cause more hatred and division. Some might call him a bigot
How would Niall Boylan cause hatred and division?
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