Cathal Crowe
Question:130. Deputy Cathal Crowe asked the Minister for Finance if he will report on the implementation of the recommendations of the banking review. [51368/23]
View answerThursday, 23 November 2023
Questions (130)
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, where appropriate, contain timelines for delivery of the recommendations. It is for the relevant bodies to consider and implement the recommendations addressed to them. The implementation of the recommendations that are directed at the Department of Finance have been embedded in the business plans of the relevant Divisions.
A key issue identified by the Review was access to cash, both 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 preparing heads of bill to be ready by the end of the year. These heads of bill will include initially preserving reasonable access to cash based on existing levels of access, while proving that the future evolution of the infrastructure will be fair, transparent and equitable.
The Retail Banking Review contained a recommendation for the Department to lead on the development of a National Payments Strategy (NPS) in 2024 that will take account of the changing landscape and determine how best to adapt to it. The NPS will also take account of the EU legislative landscape, particularly the proposals on instant payments and payment services.
A key element of the work will be to examine and analyse the critical issue of payment fraud. While much of this is governed by EU legislation, it is important that the NPS examines and analyses payment fraud to see if it can identify further measures that could be taken to address fraud at a domestic level.
Implementation of several of the recommendations requires close collaboration between my Department and the Central Bank and the Central Bank has informed me that it is 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 going to address several of the recommendations of the Review. The Bank’s next step under the Review will be to publish a consultation paper on the proposed changes to the Code. This paper will also consult on the Central Bank’s proposed approach to the implementation of the recommendations under the Retail Banking Review that fall within the scope of the Code.
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. 131 answered with Question No. 84.
Question No. 132 answered with Question No. 109.
Question No. 133 answered with Question No. 102.
Question No. 134 answered with Question No. 102.