Dáil Éireann Debate, Wednesday - 15 January 2014
136. Deputy Terence Flanagan asked the Minister for Finance the current proposals in the EU regarding a basic bank account, harmonising the practices across the EU; the implications this will have for Ireland; and if he will make a statement on the matter. [1221/14]
View answerThe Report on the Standard Bank Account pilot project was published on my Department’s website on 10 January 2014. The Financial Inclusion Working Group (FIWG), chaired by my Department, and including stakeholders ranging from other Government Departments, the Central Bank of Ireland, retail banks, An Post, the National Consumer Agency and voluntary sector organisations will work closely together on the finalisation and roll out of the Standard Bank Account. It is expected that the rollout of the Standard Bank Account will be achieved during 2014.
The proposed Payment Accounts Directive defines a framework for the rules and conditions according to which Member States shall guarantee a right for consumers to open and use payment accounts with basic features in the Union. A general approach has been agreed at European Council level and the proposed Directive trilogue negotiations between Council, the European Parliament and the Commission will commence shortly. The full implications for Ireland will not be known until these negotiations have concluded.
