{"id":460316,"date":"2026-05-21T16:24:08","date_gmt":"2026-05-21T16:24:08","guid":{"rendered":"https:\/\/www.newsbeep.com\/ie\/460316\/"},"modified":"2026-05-21T16:24:08","modified_gmt":"2026-05-21T16:24:08","slug":"davy-cannot-charge-e50-fee-and-expect-people-to-use-new-savings-scheme-bank-of-ireland-chair-says-the-irish-times","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ie\/460316\/","title":{"rendered":"Davy \u2018cannot charge\u2019 \u20ac50 fee and expect people to use new savings scheme, Bank of Ireland chair says \u2013 The Irish Times"},"content":{"rendered":"

Bank of Ireland<\/a> subsidiary Davy Stockbrokers<\/a> \u201ccannot be charging\u201d customers quarterly brokerage fees of \u20ac50 as well as commission fees that are much higher than those levied by online brokers, if it wants to capitalise on the Government\u2019s proposed savings investment account (SIA) scheme<\/a>, the bank\u2019s chairman said on Thursday. <\/p>\n

The SIA scheme, which T\u00e1naiste and Minister for Finance Simon Harris confirmed on Tuesday would be unveiled in October\u2019s budget, could attract as much as \u20ac7 billion of investment from Irish households in its first year, according to industry estimates. <\/p>\n

At Bank of Ireland\u2019s annual general meeting (AGM) in Dublin on Thursday, one shareholder told the bank\u2019s board that Davy currently charges quarterly fees of \u20ac50 plus transaction fees that are \u201castronomical\u201d compared to those charged by online broker platforms. <\/p>\n

\u201cBillions are going to go into these savings investment accounts,\u201d the shareholder said. \u201cMore and more people are going to be using online brokerages, and they\u2019re not going to be using Davy.\u201d<\/p>\n

Responding to the question, Bank of Ireland group chairman Akshaya Bhargava said the shareholder was \u201cabsolutely correct\u201d. <\/p>\n

\u201cWe cannot charge people \u20ac50 [per quarter] and expect everyone to invest, because these are small investments,” he said. \u201cWe will have to come up with a tailored kind of service.\u201d<\/p>\n

In its three-year strategy, published in March, Bank of Ireland said it is targeting 3 per cent and 10 per cent compound annual growth in deposits and assets under management (AUM), respectively, over the next three years.<\/p>\n

Expanding the lender\u2019s wealth management business is key to achieving that target. <\/p>\n

Bank of Ireland chief executive Myles O\u2019Grady wants to grow the lender\u2019s AUM from around \u20ac60 billion at the moment to \u20ac75 billion in 2028, to \u20ac100 billion in 2030.<\/p>\n

O\u2019Grady told shareholders on Thursday that the bank wants to cast a wider net with its wealth strategy over the coming years. Bank of Ireland will expand its product offering to cater, \u201cnot just to high net-worth customers, but moving into mass affluent and maybe the mass market as well\u201d, he said.<\/p>\n

He said the group is \u201cvery supportive\u201d of the Government\u2019s SIA initiative. <\/p>\n

O\u2019Grady said Davy and Bank of Ireland\u2019s wealth team are \u201cactively working\u201d on an SIA platform. \u201cThe objective is to have that platform live to coincide with the introduction of a new offering to the Irish population,\u201d he said. <\/p>\n

He said ease of access and affordability are the bank\u2019s main objectives in developing the platform.<\/p>\n","protected":false},"excerpt":{"rendered":"Bank of Ireland subsidiary Davy Stockbrokers \u201ccannot be charging\u201d customers quarterly brokerage fees of \u20ac50 as well as…\n","protected":false},"author":2,"featured_media":460317,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[7863,72,62697,61,60,70],"class_list":["post-460316","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-bank-of-ireland","tag-business","tag-davy-group","tag-ie","tag-ireland","tag-simon-harris"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/460316","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=460316"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/460316\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/460317"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=460316"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=460316"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=460316"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}