Ireland’s three remaining high street banks are facing a “once in a generation” chance to expand as two of their rivals prepare to exit the market, leaving €30bn in loan books and 1mn customers behind.
Rising interest rates and the opportunity to grow at a rapid pace are providing optimism for the country’s banking system, which has been rehabilitated after an crisis more than a decade ago that crashed the entire Irish economy.
“For the first time in a number of years, we’re seeing the green shoots of new net lending in Ireland — something that has threatened to arrive and never has quite arrived,” Mark Spain, chief financial officer at the Bank of Ireland, the country’s biggest lender, told the Financial Times.