Dáil Éireann Debate, Tuesday - 8 November 2022
251. Deputy Emer Higgins asked the Minister for Finance if he will provide an update on his Department's retail banking review; the outstanding work to be completed in respect of this; the timeline for when it will be completed and published; and if he will make a statement on the matter. [54277/22]
View answerOn 23 November last, I published the Terms of Reference for a broad-ranging review of the retail banking sector in Ireland. The Review is being conducted by officials in my Department with assistance from other Government agencies and Departments. At the time of publishing the Terms of Reference, it was confirmed that the Review team would report to me in November 2022.
As part of the Review, stakeholders, including members of the public, were invited to make submissions to the Department on issues that fall within the Terms of Reference. These submissions were by way of a public consultation which was launched at the Retail Banking Review dialogue in Tullamore on 16th May. The dialogue was attended by over 100 delegates representing a wide range of organisations, including the retail banks, non-banks, fintech, trade unions, government agencies and departments, the Central Bank, Credit Unions, An Post, the legal and accountancy professions, and the community and voluntary sector. This dialogue provided delegates with a forum to participate in an open and inclusive exchange again on the Terms of Reference. The public consultation process, which concluded on 8 July, received 102 responses.
Another important component of the Review was the consumer-focused survey of a representative sample of 1,500 consumers which was completed by Behaviour and Attitudes on behalf of the Department. The purpose of this survey was to ascertain consumers’ experience and perceptions of the banking sector in Ireland. The consumer survey report was published on 16 May 2022.
The Department also commissioned a comparison of international markets, through a competitive tender process. The international comparison was completed by Deloitte which included the collection of data for seven markets with similar characteristics to Ireland.
Currently the Review team are well advanced in drafting their report, which includes consideration of the information received through the various forms of engagement outlined above, and is in line to report to me later this month as scheduled. On receipt of the report, I will take the recommendations arising from the review to Government for approval after which the report will be published.
