Joint Committee on Finance, Public Expenditure, Public Service Reform and Digitalisation, and Taoiseach to discuss regulatory oversight of Neo-Banks in Irish market

The meeting at 3:30pm in Committee Room 3 of Leinster House will be split into two session to hear from representatives from:

• 3:30pm – Central Bank of Ireland;
• 4:45pm – Banking and Payments Federation Ireland.

Committee Cathaoirleach Deputy Mairéad Farrell said: “Neo-Banks are the digital-only or virtual banks which offer payments accounts and connected debit cards on your smartphone via an app and digital wallet. The Central Bank of Ireland is responsible for the regulation and oversight of the these Neo-Banks which now play such a key role in our every day lives, from digital payments for goods, services and bills to instant transfer of money to family and friends.

“Matters the Committee would like to discuss include passporting of Neo-Banks from EU member states and issues with differences in regulation between member states; existing regulatory environment of payment service providers/technological banks in Ireland; and future legislative requirements to provide for increased regulatory oversight in a changing and development market.

“Other matters of interest are the impact of the increased prevalence of neo banks in Irish banking markets, and changes in consumer behaviour as a result of these banks; and insights and trends in the banking technology sector and fraud prevention in these areas. The Committee looks forward to discussing these and related matters with the representatives from the Central Bank and the Banking and Payments Federation.”

The Joint Committee on Finance, Public Expenditure, Public Service Reform and Digitalisation, and Taoiseach has 14 Members, nine from the Dáil and five from the Seanad.

The meeting in Committee Room 3 can be viewed live on Oireachtas TV.

Committee proceedings can also be viewed on the Houses of the Oireachtas Smartphone App, available for Apple and Android devices.