Galway Bay fm newsroom - A Galway TD is calling for Credit Unions to fill the gap left by Ulster Bank in the Irish banking sector.
Independent Galway East TD Sean Canney says the Government must introduce a third force in Irish banking, with the existing Credit Union network best placed to do so.
It comes as Ulster Bank recently announced the sale of its €4.2 billion performing loans portfolio to AIB, as well as a further €2.8 billion worth of undrawn exposures to Allied Irish Bank.
Financial experts have warned that the Ulster Bank sale coupled with KBC's planned exit from the Irish sector could limit competition in the Irish banking market.
Deputy Canney argues strong competition is needed ensure customers get a fair return on savings and mortgages.
He says the Credit Union movement has the necessary financial skill-set and community network to solve the issue but it needs backing from Government - to hear more, tune in to Galway Bay fm news on the hour
