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Ireland
has a well-developed financial services sector with
a large number of associated banks, non-associated banks,
building societies, credit unions, other specialist
lenders, stockbrokers and independent credit card and
mortgage companies. All are licensed and highly regulated
by the Irish government through its various departments
and state agencies. There is extensive legislation to
protect the public in their dealings with financial
institutions.
The majority of financial services institutions are
provided by Ireland's main clearing banks. These operate
for profit offering savings and loan products through
extensive branch networks and via their internet sites.
They also provide a full range of other services including
foreign exchange, treasury, pensions and investments,
money transfer, cheque book accounts and ATM networks.
They have branches abroad in the UK, USA and continental
Europe.
www.halifax.ie | www.boi.ie | www.permanenttsb.ie |
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- Building societies
and credit unions are financial organisations that provide
limited financial services, primarily in the state. They
are owned by the account holders (or members) and their
aim is to offer better and more cost effective services
to customers at the expense of increased profits. Building
societies offer personal loans, mortgages, savings products
and credit cards. Credit Unions usually only provide personal
loans to established members.
- To prevent fraud, money laundering
and other types of financial crime, opening a bank
account requires a moderate amount of documentation.
Those wishing to open a bank account will be required to
provide the bank with their passports and in some cases
other items of documentation such as utility bills and PPS
numbers
- Banks in Ireland are supervised
by the Central Bank of Ireland and the Irish Financial Services
Regulatory Authority. Customers of banks
can also air grievances concerning their treatment by banks
to the Financial Services Ombudsman, who is empowered to
direct banks to compensate customers found to have been
ill treated.
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