Danske Bank Says Pulling Back From Irish Retail Banking

Oct. 31 (Bloomberg) – Danske Bank Ireland says sale of
personal and business banking products to new customers will be
discontinued with immediate effect, following detailed review of
Irish operation.
• Says bank has been unable to re-establish a sustainable retail banking business model; decision taken against backdrop of difficult economic, trading environment
• Says Danske Bank in Ireland will focus its business towards corporate & institutional clients
• Says products and services will be withdrawn on a phased basis during 1H 2014; customer deposits will be repaid in full
• Comments in 9-mo results statement where Danske Bank Ireland reports 9-mo pretax loss of EU31.4m, impairment charges of EU22.8m
• NOTE: Danske Bank 3Q Net Misses; Cuts FY Outlook, 2015 ROE Target

Hello higher charges from remaining banks.

NIB/Danske had put up their charges, bringing in separate charges for their current accounts and execution only investment accounts. I think people with execution only services are likely to be price sensitive and move to similar lower cost solutions quicker than most. Quicker to leave than non performing loans anyway!

Bunch of pricks. my current account is with them and

  1. closing all their branches
  2. introducing charges
  3. stopping dealing in cash ( wtf is there ANY OTHER reason for dealing with a bank FFS )

all put the writing on the wall here for a long time. Arseholes of hugeproportion.

Why? The ruling regime has made it clear that if you are not AIB or BOI that you don’t matter and you might as well fuck off out of the country.
disclaimer: former NIB customer.

They had become inpossible to do business with anyway for all the above reasons. Having to lodge cheques in the psot office and do everyhing else on the internet was a pain. I have all my accounts with them and was thinking of moving anyway. They started out as an ok bank, and then went totally anti customer service. I dont think they will be missed apart from the fact that there will be a monoply soon and we will all end up paying the banks increased charges. They will get us one way or the other!

This was pretty much expected. They’ve been undergoing a very phased and painful withdrawal for over 5 years. I think most of their personal customers have long jumped ship. I wouldn’t be too fixated on bank charges, “free” banking is a relatively new phenomenon in Ireland and apart from the Permo it has vanished. Danske had long ceased to be anything competitive in this regard.

To be honest, the younger demographic barely ever visits a bank branch. They do most of their banking online, never write cheques, open online deposits, apply for loans over the telephone & internet and in some cases even make mortgage applications remotely. Unless someone gives you a cheque or a lot of cash you can avoid entering a bank at all. KBC’s new current account reflects this, there’s no chequebooks, no cash lodgement options and cheque lodgement options are limited. Banks are going to continue to whittle down these aspects of their services as they cost money operate.

There will be a lot more ‘Computer Says’ in the future alright!
No bloody harm in many ways - the only ‘personal touch’ I was getting from my local branch of BOI from 2003 to 2007 was the fawning attention of loan lizards trying to get me to ‘leverage’ the hard won Casa Meself and indulge in BTL bullshit or buy a new car twice as big as I needed.
As for knowing your ‘local’ bank personnel; I am sure that many bank staff of the boom-time used and abused every personal contact and network bod they knew or half knew to encourage deeper debt and gain commission.
Computer will not be on loan sale bonus anyway - although will be rightly programmed to pile the charges up high and higher, I’d say!

I appreciate the younger demographic may not want to visit a bank to carry out transaction but banks need to cater to *all *their customers, I for one dislike internet banking hugely!! I realise I am possbily in a minority but I really would like to do most of my banking in a Bank!..

I too am over 40. :stuck_out_tongue:

Paradoxically fees and charges are increasing while technology is making banking more efficient (Ulster Bank fiasco aside).

And you’re not married either :angry:

Banks fees and charges in the Irish banks are incredible cheap IMO - even those who dare to charge a few quid.
I remember I paid 45 Euro per quarter at an Austrian main-stream bank in 2003 (15 euro per month), which included all transactions, debit card, and 2 credit cards (Visa and Diners).
Same package now is 40.35 per quarter, so the price has actually gone down 10% in the ten years.
Cheapest I could find is nowadays is 15 euro per quarter (so 5 euro per month) which includes all transactions plus debit card but no credit card.
German banks are in the same ballpark - but you get charged additionally if you are using ATM’s that are not managed by your bank. Like paying extra if you are using an AIB ATM as a BOI customer.

Yes, we had it good here in Ireland up until recently I suppose. Australia have similar charges to Germany’s then by the sounds of things.

I posted in the ACC thread about how Irish banks just ignored their fee income over the past 10 years or so. Fees were always there but most people were meeting easy conditions to avail of free banking without even being consciously aware of it. Most Irish banks hadn’t even reviewed their fees since the '90s. A lot of over the counter transactions have been and even after review of fees continue to be carried out at a loss. Comparisons like the above will show you that Irish banks have low fees. They neglected them as an income stream in favour of low margin lending. XX

viewgirl, to be honest, a decreasing minority of banks’ customers choose to do their business within branches and this aspect of banks’ services will continue to diminish and decrease in quality.

I’ve had bank accounts In the UK, Germany and Ireland and I’ve never paid fees. I switched from Danske bank to Ulster, rarely use the branch. As I set up all of my payments online and just pay in a check every 3 months or so I don’t see how fees are justified when they get the use of my money while it’s in the account. Back office processing must be farely minimal now everything is automated.

Former NIB chief executive Healy lands plum bank job in Maldives - Nick Webb → independent.ie/business/iris … 88572.html

Am I in a parallel universe ?

I met the Danish execs who took over Danske / NIB post getting rid of Healy (their words) and they would not have written the above article about him.

According to them, Healy had taken the retail bank they thought they had and went head first into Resi development. They brought a group of us on a tour of Andre Healy ghost estates in Naas?

I saw an article earlier this year from Nick Webb in the Indo claiming that Andrew Healy was a prime candidate for vacant Semi State jobs ?


To be honest I have never had any dealings with NIB / Danske outside of the above tour and never heard of Healy until they mentioned him. Seems like he has a friend in the Indo?

Yeah, that article in the Sindo is comical it is so bad.

I wonder did the Sindo copy and paste that from Andrew Healy’s CV?

The most comical part … “he stabilised the bank, introducing a strong ethical regime, helping to restore the bank’s reputation”.