Jim Shannon
Main Page: Jim Shannon (Democratic Unionist Party - Strangford)Department Debates - View all Jim Shannon's debates with the HM Treasury
Royal Bank of Scotland Branch Closures
Jim Shannon Excerpts(7 months, 1 week ago)
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Deidre Brock
I absolutely agree, and I will be making those points in my speech. The hon. Lady’s example perfectly illustrates exactly why branches need to remain open, and banks must be encouraged to do that.
These further closures from RBS are a particular disappointment, because that once-proud Scottish brand, which is now a subsidiary of NatWest, can trace its origins to Edinburgh in 1727, at the time of the Scottish enlightenment. It is credited with providing the world’s first overdraft—a mixed blessing, perhaps—and it created a wide branch network as part of Scotland’s successful and stable multi-bank system. Times may have changed, but the move towards more centralised control of banking does not seem like progress to me. For RBS to soon have just three city centre branches in Edinburgh is a sorry state of affairs.
Jim Shannon (Strangford) (DUP)
I commend the hon. Lady for securing this debate. She is consistent, and I am here to support her. In my constituency, the Ulster Bank, which is a subsidiary of RBS, closed its Ballynahinch branch last February, and it now intends to close the neighbouring Downpatrick branch in November. Does she agree that the abdication of the duty of care to rural banks is unacceptable at a time when profits are so high? Legislation underlining that duty of care should come before this House, as the current guidelines are not providing safeguards.
Sir Charles Walker (in the Chair)
Order. Ms Brock, are you happy, as the mover of the motion in a half-hour debate, to take interventions? You do not have to.