Account Migration Statistics

Ulster Bank and KBC Bank announced their intentions to leave the Irish market in 2021. As a result, customers who had current and deposit accounts at these institutions and continue to need access to these types of accounts will therefore need to seek alternative banking arrangements. The Central Bank of Ireland established a bespoke statistical collection on account migration from the two exiting banks, and the three largest remaining retail banks; Allied Irish Banks, Bank of Ireland, and Permanent TSB. The collection monitors the migration activity of all customers, including households and small and medium enterprises (SME), as well as any other counterparty not included in these two groups.


Key Points - Updated 11 November 2022

  • Customers in Ulster Bank and KBC Bank closed a total of 84,494 current and deposit accounts in October. Despite the pace of account closures slowing in the second half of October, this represented an increase of 15 per cent compared to the four weeks to end-September. This brings the total number of accounts closed in the ten months to end-October to 464,998. Of these, 234,098 were current accounts, and 230,900 were deposit accounts. Of the current accounts, 215,503 were designated by the banks as being active at the time of closure.
  • At end-October, 768,408 accounts remained open in Ulster Bank and KBC Bank – a reduction of 10 per cent compared to end-September, and a decline of 38 per cent since the beginning of the year. Of the 447,733 current accounts that remain open, 341,184 were deemed by the banks to be active accounts1, and 247,116 were deemed by the banks as customer’s ‘primary’ account2.
  • A total of 82,213 accounts were opened in the October. Similarly to the account closures, the pace of accounts openings slowed in recent weeks, resulting in a decrease of 14 per cent when compared with the four weeks to end-September. In total, 800,325 current and deposit accounts were opened across the three remaining retail banks in the first ten months of this year. It should be noted that account openings include both openings relating to customers migrating accounts from the exiting banks as well as unrelated business as usual account openings.
  • A full breakdown of the data is available in ‘Table A.23 Account Migration Statistics’ below.
[1] Active accounts are accounts that have shown signs of customer-initiated activity in recent months. The types of activities that are relevant here are transactions such as deposits, withdrawals, payments or transfers, which occur during a specific time period, set by the reporting institutions according to their own internal definitions.
[2] Primary accounts are those that show evidence of being the customer’s main bank account. Such evidence may include a considerable number of customer-initiated transactions and payments received in recent months. This is a designation made by the reporting institutions, according to their own definitions.


Summary Charts

Chart 1: Number of Accounts Closed by Week

Number of Accounts Closed by Week 

 Chart 2: Number of Current Accounts Still Open by Activity Level 

 Chart 3: Number of Accounts Opened (Year to Date)

Account Migration Statistical Release | pdf 439 KB Table A.23 Account Migration Statistics | xls 28 KB