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Bank Closures.

Dáil Éireann Debate, Tuesday - 23 March 2010

Tuesday, 23 March 2010

Questions (76)

Richard Bruton

Question:

184 Deputy Richard Bruton asked the Minister for Finance if he was consulted before the announcement that a bank (details supplied) will close; if other options were considered to avoid the loss of service to customers and of jobs; and if he will make a statement on the matter. [12260/10]

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Written answers

I have said previously, that I was disappointed but not surprised that Postbank is to close at the end of the year. The management of commercial decisions made by Postbank, which include the decision to wind-down the institution, is a matter for An Post and its joint venture partner BGL BNP Paribas, and one in which I have no direct role.

In considering the future of Postbank, the partners explored a number of options to ensure the continuation of the Postbank operation, including the transfer of BNP's shareholding to another institution. I understand, however, that this was not considered to be viable. An Post has been providing some banking services as an agent for a leading bank for several years and I understand will continue to do so even after Postbank ceases to trade. The underlying strengths of the network will allow An Post to develop other strategic opportunities in the financial services business and the board and management of An Post are actively engaging in this process. I also understand that options are currently being considered that will result in a significant number of the jobs at Postbank being saved.

Deposit funds in Postbank are secure and I understand that Postbank will write to its customers in the coming weeks with information on the options that will be open to them. This process will be carried out in compliance with the Financial Regulator's Consumer Protection Code.

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