"Its impossible for foreign banks to compete in Ireland" - Rabo Bank Chief

[Digout]

Reported on Newstalk this morning. The CFO of Rabo said they are scaling back here because they cant compete due to government supports such as NAMA.

Looks like thats the end for ACC.

So, there ya go, reading between the lines they reckon its gombeenland here and they dont want anything to do with it.

He also said they dont see the Irish economy recovering soon.

Thats a big 2 fingers to FF and their plans.

http://www.irishtimes.com/newspaper/...253337021.html

[Ecoguy]

Yes, the Irish Celtic tiger is now an emaciated carcass, the remains of which the Irish government insist on feeding to the maggots in the Irish banks

[Victor Meldrew]

Weren't Rabo "just" an on-line bank? so little to scale back on save for advertising spend.

But DO, your point is very valid and Rabo's statement makes a mockery of why Nama is being done in the first place.

[Digout]

Weren't Rabo "just" an on-line bank? so little to scale back on save for advertising spend.

But DO, your point is very valid and Rabo's statement makes a mockery of why Nama is being done in the first place.

I think the context is in relation to ACC. Yes, Rabo are an online bank, but these days, who goes to their branch? The future of banking is online anyway.

[BodyofEvidence]

just wait till we, in our enraged stupidity, vote no again.....

[Middleaged]

I think the context is in relation to ACC. Yes, Rabo are an online bank, but these days, who goes to their branch? The future of banking is online anyway.

There in lies the problem we live in Ireland and most people still go to the branch at some stage.

Rabo's business model is geared at those with savings and are computer literate, whereas most people with a decent few bob save aren't as computer savy as younger people who have little by way of savings

Then there is a false perception of once the internet has your money its gone, and if its not gone, where is it.

I know these look silly, but I suggested that my parents put money on deposit with Rabo and whilst my dad is computer literate, he wouldn't due to the fact that they were internet based, he even cited "egg" in the UK closing.

Another friend who has over €50k in savings asked where should she put it away to earn a little interest for Christmas shopping, I said Rabo as it pays more, she said she wouldn't trust internet banks, shes 42 the same age as me.

No people still want to go to branch and talk to the manager. it gives them comfort.

Whilst what he says maybe correct in the ACC business, I think his business model for Rabo direct may be the issue

[Digout]

Remember that Lenny keeps saying to FG and Labour - "SSSSSSSSSHHHHHHHHH, stay quiet, the international guys are watching", I wonder how Lenny feels about a big player in a foreign bank saying this place is a gombeen hicksville ?

[Digout]

There in lies the problem we live in Ireland and most people still go to the branch at some stage.

Rabo's business model is geared at those with savings and are computer literate, whereas most people with a decent few bob save aren't as computer savy as younger people who have little by way of savings

Then there is a false perception of once the internet has your money its gone, and if its not gone, where is it.

I know these look silly, but I suggested that my parents put money on deposit with Rabo and whilst my dad is computer literate, he wouldn't due to the fact that they were internet based, he even cited "egg" in the UK closing.

Another friend who has over €50k in savings asked where should she put it away to earn a little interest for Christmas shopping, I said Rabo as it pays more, she said she wouldn't trust internet banks, shes 42 the same age as me.

No people still want to go to branch and talk to the manager. it gives them comfort.

Whilst what he says maybe correct in the ACC business, I think his business model for Rabo direct may be the issue

I think thats a generational thing, I know I'd def stick money with Rabo before I'd touch the jokers here.

[johnfás]

Rabo don't give that great a rate anymore anyway - 2.0%. I am getting more at AIB so why would I bother with the inconvenience of an online only account which is more difficult to transfer into and out of?

[Digout]

Rabo don't give that great a rate anymore anyway - 2.0%. I am getting more at AIB so why would I bother with the inconvenience of an online only account which is more difficult to transfer into and out of?

Anglo, BOI and AIB have a 5% at the moment, best from Rabo is 4.1%.