Dáil Éireann Debate, Tuesday - 22 September 2015
390. Deputy Seán Kyne asked the Minister for Finance the status of the plans for a standard bank account and the possible use of the post office network for same, given that both are important for social inclusion; and if he will make a statement on the matter. [32248/15]
View answerThe Strategy for Financial Inclusion called for the nationwide launch of a Standard Bank Account to promote financial inclusion. A pilot project for a Standard Bank Account was run, which finished on 31 March 2013 after a 9-month pilot period. A total of 205 accounts were opened during the pilot, which the Financial Inclusion Working Group felt was disappointing.
The Report of the Working Group on the pilot project noted a number of reasons for this, including the view of stakeholders that one of the key elements required as part of the preparations for a successful national roll-out of a Standard Bank Account is greater involvement by An Post and the credit unions.
My Department is currently transposing the Payment Accounts Directive which requires that all consumers legally resident in the EU must have access to a payment account with basic features, regardless of their financial circumstances. The Directive also allows Member States to make provision to promote financial inclusion of unbanked, vulnerable consumers. The Directive must be transposed by September 2016.
My Department is carefully considering how to make progress on this issue, in light of the requirements of the Payment Accounts Directive and the experience of the Standard Bank Account pilot project. My Department is working closely on the matter with other relevant Government departments.
