Minister for Finance Paschal Donohoe was briefed to say over-regulation was not to blame for the departure of KBC Bank from the Irish market. An internal briefing said Mr Donohoe should say Ireland had “learned the hard way” what happens when there is inadequate regulation. ‘No role in decisions’If asked what the Government was doing to address the challenges in the Irish banking sector, he was advised to say they had “no role in these decisions”. Both the Minister and the department were of the view that KBC was an important player in the Irish banking market. “[Mr] Donohoe is disappointed by the decision taken by KBC to exit the Irish market and has publicly expressed this view on numerous occasions.”

Source: The Irish Times June 05, 2021 05:00 UTC