Rip off Ulster?

Northern Ireland’s banks face the charge from the Office of Fair Trading that they collude through lack of any serious competition in overcharging personal customers.

  • Roger W. Christ XVII

    Northern Ireland’s four large local banks are incompetitive, have slow and out of date IT systems, and are far more expensive than their counterparts elsewhere in the UK, and it’s good that the OFT are considering referring them to the Competition Commission.

    But ordinary people can fight back against this by taking their business away to more competitive institutions. Almost every major large UK bank or building society with branches in Belfast advertises far better interest rates (both for borrowing and for saving) than any of the local institutions.

  • aquifer

    Unless big robberies and criminality stop there could be a risk premium put on all capital invested in Ireland, making Ireland less competitive as a location for multinational jobs.

  • aquifer

    i.e. Banks will also demand more profits to remain in the market, keeping charges higher.

  • Henry94

    aquifier

    Unless big robberies and criminality stop there could be a risk premium put on all capital invested in Ireland, making Ireland less competitive as a location for multinational jobs

    Invested capital is spent on buildings, labour and equipment. It’s not stored in a bank. As long as companies are allowed inflate their Irish profits, thus reducing their tax bill, by dishonest transfer pricing they will be happy to invest here.

    i.e. Banks will also demand more profits to remain in the market, keeping charges higher.

    Judging by the poor levels of security present at the Northern Bank they must have thought there was no chance of them being robbed. Yet their charges were still high. I think they are just ripping us off.