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Mullins wants more open banking system

April 18th, 2024 7:00 PM

By Southern Star Team

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OPENING up Ireland’s banking system would lead to cheaper mortgages for consumers through added competition in the market, a European election candidate has stated.

John Mullins is running for Fine Gael in the European elections in the Ireland South constituency.

He has called for increased access to banks from across Europe and believes that just like airlines being able to operate in other countries under the open skies policy, so too should banks under an open banking policy.

‘I believe it is possible for European banks to operate in Ireland as banks in Europe are regulated by one entity, which is the European Central Bank (ECB),’ he said. ‘We need to start exploring options on how we can do this and help consumers in Ireland get cheaper mortgage and lending rates and higher deposit rates for their savings.

‘There should be no reason people in Ireland cannot get mortgages from banks in Central Europe at cheaper rates than they are currently being offered by widening out the market.’

Mr Mullins is a first-time candidate for the European Elections for Fine Gael but has a very strong business background nationally.

The Corkman founded renewable energy company Amarenco in 2013 and was Bord Gáis chief executive from 2007 to 2012. He has also served as chairman of the Port of Cork and has held other senior management positions with ESB, PricewaterhouseCoopers (UK) and NTR.

‘Currently, we really have just three consumer banks operating here in Ireland. We have seen how successful Revolut has been since it came here but we need more than that,’ he added.

‘With very little competition in any market it is essentially the consumer who suffers and that is what is happening with banking in Ireland right now.’

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