More choice in the Irish banking system is desirable, the EU’s financial services chief has said. However, the bloc is not overly concerned about the exit of Ulster Bank and KBC from the Irish market, and won’t be intervening. “I mean you’d like to have more choice,” Mairead McGuinness told the Irish Independent. A trickier issue for the Commission to navigate is how to balance the needs of banks and businesses needs as they emerge from the pandemic. Ms McGuinness said she is looking into “flexibilities” in EU law to help viable but vulnerable companies.

Source: Irish Independent June 05, 2021 01:35 UTC