A FINE Gael councillor and businessman has said online banks should be super-levied for a fund to restore rural towns and villages.
Towns affected by what he described as ‘shameful’ Bank of Ireland branch closures, such as Bantry and Dunmanway, could be beneficiaries of community gain in a re-structured bank levy, he said.
‘Banks were the heart of many towns … the bank branch made a huge difference but once it was closed by Bank of Ireland, customers drifted to towns that still had bank branches to do their business, shopping and services,’ said Wicklow-based Cllr Peter Stapleton.
‘Bankinter (the Spanish-based financial service) are very welcome and join a long line of online banks like Bunq, Revolut, N26 and others that find Ireland terribly attractive,’ said Cllr Stapleton.
‘But if online banks are only to take the upside of profit, it is ultimately bad for communities in Ireland,’ he added.
According to Cllr Stapleton, the current bank levy raises €200m a year for the exchequer and banks should be super-levied with the money being designated for a fund to revitalise rural towns and villages.
‘In my own experience, working in corporate finance and financial services, only regulation ultimately works in ensuring what the institutions can and cannot do.
‘I think the time has come for government to be more prescriptive about what should happen in Ireland so that rural towns have the chance to renew,’ he said.
