As the Deputy is aware, I have no statutory function in relation to banking decisions made by individual lending institutions at any particular time. This is ultimately a commercial decision for the management team and board of each bank, having due regard to their customers and the impact on profitability. Notwithstanding the fact that the State is a minority shareholder in Bank of Ireland, I must ensure that the banks are run on a commercial, cost effective and independent basis to ensure their value as an asset to the State, as per the Memorandum on Economic and Financial Policies agreed with the EU Commission, the ECB and the IMF. A Relationship Framework has been specified that defines the nature of the relationship between the Minister for Finance and each bank. These Frameworks were published on 30 March 2012 and can be found at:http://banking.finance.gov.ie/presentations-and-latest-documents/.
The Central Bank in conjunction with my Department and others has launched a National Payments Plan (NPP) aimed at increasing the efficiency of Ireland’s payments infrastructure. While the plan envisages a move away from less efficient methods of payment such as cheques and bank drafts to EFT and greater use of electronic banking. At all times the NPP will be mindful of the needs of all users of the payments systems and especially the needs of the marginalised in society such as senior citizens. All options will remain available to consumers but those who need help moving to more efficient methods will be supported.