Most people believe Irish banks are not competitive

Two-thirds of Irish adults believe the financial services market in Ireland is uncompetitive, according to a new poll.

Corporate lender Capitalflow, which specializes in flexible finance for Irish SMEs and property investors, revealed the results in its Switcher report last week.

It found that just 21 per cent of Irish adults think the banking or financial services market in Ireland is competitive, compared to 63 per cent who think this is not the case.

Capitalflow chief executive Ronan Horgan said he believes the reason is not just related to the number of banks operating in Ireland today.

“It’s more fundamental than that, as the CEO of the Irish Banking Culture Board pointed out just a few weeks ago when she said: ‘Regulation can and should change behaviour, but it alone cannot change culture. A positive culture requires new ways of doing things, must be led from the top and seen as an integral part of good corporate governance.'”

Horgan said Capitalflow will have over $1 billion in loans by the end of 2022.

“We believe there is a clear lack of trust in banks. Customers feel more like a necessary evil than a force for good. The culture needs to change so businesses and consumers feel valued, where working with their banks means they are treated with respect and their needs come first.”

Capitalflow is now part of bunq, a new digital bank operating in 30 European countries.


Johne Murphy in his Munster jersey in 2014

Former Munster star Murphy finds his stride

Former Leicester and Munster rugby player Johne Murphy hopes new sports technology company Stride can gallop to greater success.

Stride is about to close a €600,000 round and aims to raise up to €1.5 million early next year.

It is a web-based husbandry experience and platform that delivers the horse industry’s husbandry experience – from the sales ring to the winner’s pen.
The platform currently offers three consortium options. Murphy already runs horse racing associations with horses trained by Joseph O’Brien.

Where there’s dirt, there’s brass

Waste disposal company Oxigen Environmental reported a profit before tax of 3.5 million euros, more than 29 percent more than in the previous year.

Results for the fiscal year ended April 3, 2022 show that Oxigen recorded sales of over €37.7 million, compared to around €33 million in the previous year.

The average headcount at Oxigen for the period was 267 compared to 254 in 2020.

The company was founded by Sean Doyle in 1987 to provide waste service solutions Most people believe Irish banks are not competitive

Fry Electronics Team

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