Finance

Finance union chief calls for ‘pause’ on bank branch closures for five years

Published

2 years ago

May 19, 2024

Finance union chief calls for ‘pause’ on bank branch closures for five years

A call for a five-year moratorium on bank branch closures North and South of the Border was backed by delegates at the Financial Services Union (FSU) conference in Belfast on Saturday.

The motion was one of a number adopted that expressed support for the safeguarding of access to cash and provision of financial services and advice, all of which were seen as important to communities and, in particular, older customers.

FSU general secretary John O’Connell said the scale of bank bailouts received after the 2008 crash continued to give the debate on branch closures a moral aspect.

“We need the banks to remember that it was the people in these communities who bailed out their business,” Mr O’Connell said. “We are not saying they can never close branches but we are saying it would be reasonable to pause the closures now for five years, so everyone can consider what is on the horizon.”

Roger James, representing the AIB sector, told the conference the issue of closures has had an “unbelievable” impact on staff over the years. He said opposition to additional closures was not just about protecting jobs but also about protecting communities.

“People need and want access to cash, access to services,” Mr James said.

AIB’s branch network in the North had shrunk from 32 to seven, he said, with the company suggesting the reduction had been driven by changing customer behaviour. But Mr James said “if you find a branch that’s open now and then find a staff member, all they can do is point you to a machine, so it is the banks that are driving people away”.

Wilma Stewart, a staff member at Danske Bank, said its network will have declined in size from 104 when she joined the company to 24 by June 6th when another four branches are due to shut. The reduction, she said, was “staggering”.

“What we need to see is the development of a blend of services,” Ms Stewart said, referring to a proposed balance of service provision between online, and branched through third parties, such as post offices.

“Many people are happy to do their banking online but no community or sector of business should be left without blended services,” she said.

In the Republic, the various banks closed 176 branches in the five years to September 2023. As of now, Bank of Ireland and AIB still have about 170 each with PTSB operating just shy of 100 in the wake of its takeover of parts of the former Ulster Bank network.

Tom Ruttledge, from the Bank of Ireland sector, said banks were “withdrawing services from locations because it suits their cost model, not because it suits their customers”.

Older clients, he said, often missed out on advice from staff that might have helped them make better decisions with regard to financial services and products.

Ali Agur, chief economist and head of prudential regulation at the Banking and Payments Federation Ireland, said he did not believe the decision to close a branch was “purely about a profit and loss decision”.

“Banking is a relationship business and AI is not going to build that relationship for you,” Mr Agur said.

Nevertheless, he said, the trend is areas like ATM cash withdrawals was clear with substantial declines both in terms of value and volume, while more recent entrants to the retail financial services market were piggybacking on the ATM network without contributing to the costs involved. “We need to recognise the reality of the situation.”

Related Topics:aib bank-of-ireland banking-and-payments-federation-ireland danske-bank financial-services-union

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Finance

'There Could Be A Whole Other Life He's Living' 'The Ramsey Show' Host Says After Wife Finds $209K Debt Behind Her Back

Published

36 minutes ago

January 10, 2026

Press Room

'There Could Be A Whole Other Life He's Living' 'The Ramsey Show' Host Says After Wife Finds 9K Debt Behind Her Back

A hidden financial discovery exposed the scale of debt inside a long-running marriage. Anne, a caller from Pittsburgh, reached out to “The Ramsey Show” for guidance after uncovering $209,000 in credit card balances. Married for 19 years and now in her 50s, she said the balances accumulated without her knowledge. She said her husband managed nearly all household finances. Anne added that her name was not on the primary bank account. She had no online access, and both personal and business expense

Finance

Will Trump’s US$200 Billion MBS Purchase Directive Reshape Federal National Mortgage Association’s (FNMA) Core Narrative?

Published

13 hours ago

January 10, 2026

Press Room

Will Trump’s US0 Billion MBS Purchase Directive Reshape Federal National Mortgage Association’s (FNMA) Core Narrative?

In early January 2026, President Donald Trump directed government representatives, widely understood to include Fannie Mae and Freddie Mac, to purchase US$200 billion in mortgage-backed securities to push mortgage rates and monthly payments lower. Beyond its housing affordability goal, the move highlights how heavily the administration is leaning on government-sponsored enterprises like Fannie Mae to influence credit conditions and the mortgage market’s structure. With this large-scale…

Finance

Holyoke City Council sends finance overhaul plan to committee for review

Published

1 day ago

January 9, 2026

Press Room

Holyoke City Council sends finance overhaul plan to committee for review

HOLYOKE — The City Council has advanced plans to create a finance and administration department, voting to send proposed changes to a subcommittee for further review.

The move follows guidance from the state Division of Local Services aimed at strengthening the city’s internal cash controls, defining clear lines of accountability, and making sure staff have the appropriate education and skill level for their financial roles.

On Tuesday, Councilor Meg Magrath-Smith, who filed the order, said the council needed to change some wording about qualifications based on advice from the human resources department before sending it to the ordinance committee for review.

The committee will discuss and vote on the matter before it can head back to the full City Council for a vote. It meets next Tuesday. The next council meeting is scheduled for Jan. 20.

On Monday, Mayor Joshua Garcia said in his inaugural address that he plans to continue advancing his Municipal Finance Modernization Act.

Last spring, Garcia introduced two budget plans: one showing the current $180 million cost of running the city, and another projecting savings if Holyoke adopted the finance act.

Key proposed changes include realigning departments to meet modern needs, renaming positions and reassigning duties, fixing problems found in decades of audits, and using technology to improve workflow and service.

Garcia said the plan aims to also make government more efficient and accountable by boosting oversight of the mayor and finance departments, requiring audits of all city functions, enforcing penalties for policy violations, and adding fraud protections with stronger reporting.

Other steps included changing the city treasurer from an elected to an appointed position, a measure approved in a special election last January.

Additionally, the city would adopt a financial management policies manual, create a consolidated Finance Department and hire a chief administrative and financial officer to handle forecasting, capital planning and informed decision-making.

Garcia said that the state has suggested creating the CAFO position for almost 20 years and called on the City Council to pass the reform before the end of this fiscal year, so that it can be in place by July 1.

In a previous interview, City Council President Tessa Murphy-Romboletti said nine votes were needed to adopt the financial reform.

She also said past problems stemmed from a lack of proper systems and checks, an issue the city has dealt with since the 1970s.

The mayor would choose this officer, and the City Council will approve the appointment, she said.

In October, the City Council narrowly rejected the finance act in an 8-5 vote.

Supporters ― Michael Sullivan, Israel Rivera, Jenny Rivera, Murphy-Romboletti, Anderson Burgos, former Councilor Kocayne Givner, Patti Devine and Magrath-Smith ― said the city needs modernization and greater transparency.

Opponents ― Howard Greaney Jr., Linda Vacon, former Councilors David Bartley, Kevin Jourdain and Carmen Ocasio — said a qualified treasurer should be appointed first.

Vacon said then the treasurer’s office was “a mess,” and that the city should “fix” one department before “mixing it with another.”

The City Council also clashed over fixes, as the state stopped sending millions in monthly aid because the city hadn’t finished basic financial paperwork for three years.

The main problem came from delays in financial reports from the treasurer’s office.

Holyoke had a history of late filings. For six of the past eight years, the city delayed its required annual financial report, and five times in the past, the state withheld aid.

Council disputes over job descriptions, salaries and reforms also stalled progress.

In November, millions in state aid began flowing back to Holyoke after the city made some progress in closing out its books.

The state had withheld nearly $29 million for four months but even with aid restored, Holyoke still faces big financial problems, the Division of Local Services said.