'Duopoly' in agri-lending: Irish banking system 'not fit for purpose'

April 19, 2021 10:51 am
Calls have been made on the government to address competition in the Irish banking sector following KBC Group’s announcement to exit the Irish market.
Making the calls, Irish Farmers’ Association (IFA) president Tim Cullinan said: “KBC’s departure is further evidence that the banking sector is dysfunctional and not fit for purpose.
“This news further erodes the diminished level of competition in the banking sector, given the recent decision by NatWest to wind down its Ulster Bank operations,” he said.
“Effectively, we’re left with three fully-serviced lenders and a duopoly with regard to agri-lending, which only serves to further increase the cost of credit for farmers.

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