Spanish banking giant set to enter Irish market in huge boost for competition
April 26, 2024
Spanish banking giant set to enter Irish market in huge boost for competition
by Doggylife1379
13 comments
This is absolutely great news. The reason why banks are so expensive here, is that the established banks are a massive monopoly
I wonder could it also make Ireland – Spain movement easier as one of the biggest hurdles is the bureaucracy.
El banco Scorchio
Wonder will this make getting a mortgage for a gaff in Spain while based in Ireland easier.
Spanish bank recognises the Irish market is a rip off and wants part of the action…
Viva el banco español
Banks are a cartel, there is no actual competition.
Ola
They’ll stay for a while then leave like KBC, the best/only way to make money as a bank in the Irish market is to shut down so you can take back the bonkers level of capital reserves the central bank insists on.
I give them 6 months before they realise what a gravy train it is and end up riding the public without lube like the rest of the banks.
If this is going to be a digital-only bank, how different is it to the likes of Revolut?
It would take a very good deal for me to leave N26 and EBS, but this is definitely welcome news. Having lived in the UK it’s clear that the more competition the better. What would be even better is for European banks to start to offer accounts across the EU. Brick and mortar branches are closing in their droves or becoming shells for ATMs here anyway.
It’s interesting that they say there are only 3 banks operating in Ireland. Then say this will be an online only bank so exactly like N26
They say they are passporting their licence here initially and eventually plan to get a licence here, so just like Revolut before they realised how difficult it would be and gave up
13 comments
This is absolutely great news. The reason why banks are so expensive here, is that the established banks are a massive monopoly
I wonder could it also make Ireland – Spain movement easier as one of the biggest hurdles is the bureaucracy.
El banco Scorchio
Wonder will this make getting a mortgage for a gaff in Spain while based in Ireland easier.
Spanish bank recognises the Irish market is a rip off and wants part of the action…
Viva el banco español
Banks are a cartel, there is no actual competition.
Ola
They’ll stay for a while then leave like KBC, the best/only way to make money as a bank in the Irish market is to shut down so you can take back the bonkers level of capital reserves the central bank insists on.
I give them 6 months before they realise what a gravy train it is and end up riding the public without lube like the rest of the banks.
If this is going to be a digital-only bank, how different is it to the likes of Revolut?
It would take a very good deal for me to leave N26 and EBS, but this is definitely welcome news. Having lived in the UK it’s clear that the more competition the better. What would be even better is for European banks to start to offer accounts across the EU. Brick and mortar branches are closing in their droves or becoming shells for ATMs here anyway.
It’s interesting that they say there are only 3 banks operating in Ireland. Then say this will be an online only bank so exactly like N26
They say they are passporting their licence here initially and eventually plan to get a licence here, so just like Revolut before they realised how difficult it would be and gave up