Davy Morning Equity Briefing
Jun 19, 2026
Irish banks
Revolut’s Irish growth continues
Revolut has become ubiquitous in Ireland, with high penetration of the adult population and increased activity levels. However, the data provided point to Revolut remaining a secondary account for the vast majority rather than a primary current account. Future product rollouts may affect this, but mortgages no longer appear to be a top priority as they were when initially announced.
Kerry Group
Regulation supporting reformulation
The global food and beverage industry is undergoing significant regulatory reform with many governments adopting or planning to adopt new regulations to improve diets, combat chronic diseases and drive more sustainable supply chain practices. Direct regulation is prompting recipe reformulation, a tailwind for the Ingredients sector. We are also witnessing a more empowered consumer, using technology (artificial intelligence (AI)) and nutrition specific apps to assist in healthier buying decisions – which is indirectly tilting innovation/reformulation towards improved nutrition profiling.
UK economy
Bank Rate held at 3.75% with little update to forward guidance
Despite this week’s deal between Iran and the US, rate setters at the Bank of England (BoE) are content to retain a wait-and-see outlook before committing firmly to any change in forward guidance. Yesterday’s minutes indicate that most members of the Monetary Policy Committee (MPC), with the exception of Megan Greene, have not changed their outlook much since April’s meeting. However, we expect further dovish dataflow will see a shift in July’s meeting towards a wider discussion of rate reductions.
