The National Competitiveness and Productivity Council (NCPC) has made ongoing recommendations to improve competition in Irish banking, reflecting a persistent concern over higher interest rates. Loans for businesses and mortgages in Ireland are substantially more expensive than those in the eurozone, which could hinder SMEs. The diminishing number of retail banks and slow legal processes further exacerbate challenges for businesses. The NCPC stresses that Ireland must enhance its legal framework and accelerate its green energy initiatives to improve overall competitiveness in the economy.
The higher interest rates in Ireland compared to the euro area underscore the need for sustained efforts to enhance competition in the banking sector and reduce costs for businesses.
Currently, there are only three retail banks - AIB, Bank of Ireland and Permanent TSB - reflecting a significant contraction in the banking sector after the exit of other operators.
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