Blog – David McCarthy – Galway Talks, 17/09/2013

galway-bayfmIssue:  KBC Bank to open 8 new branches and offer current accounts.

Comment: KBC has announced that it is to open 8 new branches and offer current accounts to their customers.  It is understood that a branch will open in Galway within the coming weeks.  Considering that no bank has expanded in this country for many years, this is a welcome development as it will offer greater competition and opportunities to customers.  The fact that they are entering the current account market is interesting and it remains to be seen how attractive their package will be.  However, considering that there are so many disgruntled customers dealing with ‘pillar’ banks it is to be assumed that KBC could pick up a reasonable portion of this market.

Issue:  The Insolvency services opens its doors but will it work?

Comment:  The Insolvency service opened its doors for business this week.  However, considering the restrictive nature of the Personal Insolvency Bill, it remains to be seen how successful the service will be.

For thousands of distressed borrowers this is the development they have been waiting for to help them to address their chronic problems.  For a variety of reasons, which I have outlined before in this blog, I believe that the success of this development remains to be seen.  We will only be able to judge how effective it has been this time next year.