Christopher O'Sullivan
Question:85. Deputy Christopher O'Sullivan asked the Minister for Finance for an update on the implementation of the recommendations of the retail banking review. [43179/23]
View answerThursday, 5 October 2023
Questions (85)
Written answers
The Government approved the publication of the Retail Banking Review and the implementation of its recommendations on 29 November 2022. Each recommendation identifies the body or bodies responsible for delivery of that recommendation and in some cases contain timelines for delivery of the recommendation, where appropriate. It is for the relevant bodies to consider and implement the recommendations addressed to them.
Implementation of many of the recommendations requires close collaboration between my Department and the Central Bank. The implementation of the recommendations that are directed at the Department of Finance have been embedded in the business plans of the relevant areas.
A key issue identified by the Review was access to banking services, particularly the ability to withdraw and deposit cash, and a number of recommendations address this. There is a dedicated team in place working on this issue that is currently developing legislation and preparing heads of bill to be ready by the end of the year.
These heads of bill will include requiring the larger retail banks to provide reasonable access to cash, based on existing levels of access. This work involves significant consultation with the Central Bank and other stakeholders.
The Central Bank has informed me that it is also working on the implementation of recommendations addressed to it. The Bank is currently undertaking a major review of the Consumer Protection Code and the outcome of this significant piece of work is likely to address several of the recommendations of the Review.
Other recommendations require implementation by other State agencies, such as the Competition and Consumer Protection Commission (CCPC), Government departments and other relevant stakeholders.
It is also crucial that the retail-banking sector ensures the interest of consumers are a priority in their organisations and seek to work together, where possible, to deliver the best outcomes for the economy and citizens. The retail-banking sector has been contacted regarding their role in carrying out those recommendations which fall to them.
Question No. 86 answered orally.