Dáil Éireann Debate, Wednesday - 10 March 2010
93 Deputy Seán Sherlock asked the Minister for Finance his views on the withdrawal of banks (details supplied) from the retail banking market here; his views on the diminished competition in this sector; if he envisages a new strategic partner for An Post to continue the delivery of basic financial services throughout its extensive branch network; and if he will make a statement on the matter. [11647/10]
Amharc ar fhreagraThe Deputy's question refers to the withdrawal of Halifax and Postbank from the retail banking market in the State. The withdrawal of banks from the State, while regrettable, is a commercial decision for the banks themselves. The Financial Regulator is working with both Postbank and Bank of Scotland (Ireland) Ltd. (in respect of Halifax), to ensure that consumers' interests are protected in accordance with the Financial Regulator's Consumer Protection Code.
An Post has a strong retail presence throughout the State with its network of computerised post offices. Whilst the wind down of Postbank is disappointing, the underlying strengths of the network will allow An Post to develop other strategic opportunities in the financial services business. I understand that the board and management of An Post are actively engaged in this process. In addition, An Post offers banking services at post offices as an agent of a well known bank.
