Need For State Bank Glaring Following Kbc Exit From Irish Market

People Before Profit have said that the need for a state bank is now glaring following the news that KBC is in discussions with Bank of Ireland over a potential exit from the Irish market.

Speaking in reaction to the news, Richard Boyd Barrett TD said: “The news this morning that KBC is in discussions to potentially leave the Irish market and sell up to Bank of Ireland is worrying news for the bank’s customers and staff, future bank customers, communities around the country and the Irish banking system in general.

“It is clear that the private for-profit banking model is failing and that we need to look at an alternative banking model. The need for a state bank is now glaring and the government need to take the steps to set up such a bank that would be run on a non-profit basis.”

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