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Rates rip off, Tracker Scandal and Brexit, yet only one application for banking licence since 2012 – Pearse Doherty TD

7 February, 2018 - by Pearse Doherty TD

Sinn Féin Finance Spokesperson Pearse Doherty TD has said the Government’s stated priority of attracting new banking competition to the Irish market, is failing miserably. 

This comes after the Central Bank revealed to Deputy Doherty that there has been only a single application for a banking licence since 2012.

Deputy Doherty said:

“Irish customers are living through the tracker scandal and rip off mortgage interest rates.  It would seem the space is there for a new competitor to win over many customers who have lost all faith in the existing banks. 

"After the Brexit vote we were told there would be a slew of applications yet the figures released to me show only a single application and granting of a licence has taken place.

"The Programme for Government endorses a 'banking policy that encourages more entrants and a vibrant banking sector with real competition in order to provide more choice to mortgage holders'. This commitment has been a miserable failure and it is the Irish customers that are paying the price."

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