Dáil Éireann Debate, Thursday - 4 March 2021
12. Deputy Brendan Smith asked the Minister for the Environment, Climate and Communications if post offices will be enabled to provide additional financial services in view of the serious reduction that will occur in banking services due to recent announcements by banks (details supplied); and if he will make a statement on the matter. [12367/21]
View answerThe Programme for Government recognises that a modernised post office network will provide a better range of financial services and e-commerce services for citizens and enterprise, as part of our commitment to a sustainable nationwide post office network. An Post is transforming its retail network by delivering new products and new formats. This includes, among other things, diversifying and growing the financial services products it provides for individuals and SMEs to include loans, credit cards and more foreign exchange products, local banking in association with the major banks and a full range of State Savings products. Two new dedicated sub-brands, An Post Money and a new business-to-business brand, An Post Commerce, were launched. Investment by An Post of €50 million in the network is designed to encourage communities to use the enhanced services in their local post office.
An Post has this week announced a new partnership with Bank of Ireland to offer personal and SME withdrawal and lodgement services to Bank of Ireland customers across the An Post network of 940 post offices nationwide. This follows the announcement by Bank of Ireland on Monday that it is to close over 100 of its offices in Ireland. This builds on the agency banking services An Post already provides for a number of other leading banks including AIB and Ulster Bank with more than 4.5 million transactions and a cash value of almost €1.5bn annually.
As with any business the post office needs to develop commercial strategies to enable it to grow and maintain its relevance for its users and such strategies are a direct matter for the Board and management of the company.
Government believes An Post has untapped potential to do more and make a further significant contribution across many areas of public, business and community life in Ireland. We are working with An Post to investigate the scope to channel additional services through the network. All options will be considered fully.
