TThere have been calls made for a banking hub to be established in Lisnaskea, with Arlene Foster even raising the issue in the House of Lords in recent weeks.

Mrs. Foster, Baroness Foster of Aghadrumsee, spoke during a debate on banking hubs held on Monday, December 11.

A banking hub is a facility in which a range of different banks operate out of one facility, allowing any customer to have face to face interaction and access to cash.

Speaking during the debate, Baroness Foster commended the roll-out of such hubs, with 23 hubs having been opened since January, 2022, and more planned.

“I commend the establishment of banking hubs across the United Kingdom as an alternative to the closure of mainstream banks.”

However, Baroness Foster pointed out that only one of these hubs has been established in Northern Ireland, before asking the criteria for the establishment of such hubs.

“Just one has been established in Northern Ireland. Recently, the Ulster Bank decided to close a range of banks across Northern Ireland, leaving many rural areas without physical banking facilities.

“What are the criteria for the establishment of banking hubs, because there is a need for one in Lisnaskea, south-east Fermanagh?” asked Barones Foster.

In a response, the Parliamentary Secretary for HM Treasury, Baroness Vere of Norbiton, said: “The criteria currently used to assess whether a community needs a banking hub are set out in consultation with the financial services sector; that is part of the current voluntary arrangement.

“I point the noble Baroness to the Financial Conduct Authority (FCA) consultation, because the criteria to be set out going forward are far more detailed and focus on the needs of not only local communities, but SMEs (small- and medium-sized enterprises).

“The consultation will also look at seasonal fluctuations in the need for cash access and the ability of SMEs to get coins and notes. The FCA is going further than the current voluntary arrangements.”

Following this intervention, DUP MLA Deborah Erskine and Baroness Foster jointly met with Link to push for a banking hub to be set up in Fermanagh and South Tyrone.

Mrs. Erskine said: “In a rural area the need for a banking facility is essential. Our small businesses on main streets rely on banks for everyday transactions, and for normal customers having face to face interactions with your bank is so important.

“It is shameful that banks are pulling out of towns across Northern Ireland, but it is felt more acutely in rural areas, where we have to travel further to get access to cash and banks.

“Recently I have been pushing for a meeting with those involved in setting up banking hubs across Northern Ireland. This was before the more recent announcement of Lisnaskea [bank closure].

“I feel as a result of the geography of this constituency, a banking hub would be a real asset to the community.

“Whilst Lisnaskea has been assessed for a banking hub, I will continue to make the case for the area. At present there is an ongoing FCA consultation regarding access to cash across the UK, which is looking at how a new regulatory regime would require banks and building societies to assess and fill gaps in cash access provision that significantly impact consumers and businesses.

“Whilst this is happening there is slight pause until the out-workings of the consultation.

“In the meantime, I would encourage local community groups to feed into the consultation to make the rural voice known, as this will help in trying to get tougher regulations in place to help in the loss of such services,” added Mrs. Erskine.