Our latest account migration statistics – published yesterday – indicate that, at endDecember 2022, 65 per cent of current accounts were either closed or inactive.4 We expect all retail banks to have plans in place to manage the impact of the broader changes and consolidation in the retail banking sector in Ireland.
Repairing the financial sector is the best way to ensure that the debt crisis does not bear a permanent impact on income distribution, and hence that it does not impose a permanent constraint on monetary policy. The second policy area that I would like to mention is fiscal policy.