Simple, there is nothing worth switching to? Where’s the Fintech guys (Financial technology? FinTech or fintech is the new technology and innovation that aims to compete with traditional financial methods in the delivery of financial services – definition in Wikipedia, with their internet banks? Sold out! The challenger banks have not come here! Why not? The State currently owns most of the banking system in Ireland. It doesn’t need the system destroyed or disrupted. When you think about it – all the challenger banks should be testing in Ireland with our younger population and tech savvy employees. You all know how many European headquarters of the biggest tech firms operate in Dublin!

I’m not suggesting there’s a conspiracy between the license granter and the Dept. of Finance but there’s certainly no one leading a drive to make the sector more competitive in Ireland. DoF have spent a lot of taxpayers cash to allow and encourage switching but switch to what? Another Irish bank?! And what about our lack of credit scores? Your new bank will likely say “now you do not appear to be with us too long – can I have 2 years audited accounts or a few payslips?”. And, oh of course, your 10 years of being a good boy/girl counts for nothing, sorry.