Dáil Éireann Debate, Thursday - 21 October 2021
180. Deputy Catherine Murphy asked the Minister for Finance further to Parliamentary Question No. 130 of 12 October 2021, if he will clarify a series of matters in relation to bank branches (details supplied). [51778/21]
Amharc ar fhreagraOfficials from my Department contacted the Central Bank of Ireland regarding the Deputy's question and received the following response:
"The Central Bank cannot comment on its engagements with individual regulated entities, due to supervisory confidentiality obligations.
The Central Bank expects Banks to take a consumer-focused approach in respect of any decision that affects their customers. On 25 June 2021, the Central Bank issued an industry letter regarding its consumer protection expectations in the changing retail banking landscape. The letter is available to view on the CBI website.
Banks are required to notify the Central Bank when they intend to close, merge or move a branch. The Central Bank’s focus regarding branch closures is to ensure that banks adhere to the relevant requirements in the Consumer Protection Code 2012 (the Code) and how banks communicate the closures to their customers.
When notification is received in accordance with Provision 3.12 of the Code, the Central Bank engages with the bank to ensure the impact of the decision has been carefully considered across its full customer base and at the appropriate levels.
Any decision by a Bank board to close bank branches must be supported by an analysis and understanding of the impact the decision will have across its customer base.
In respect of changes to the operations of branches, the focus of the Central Bank is on ensuring that the change is communicated to customers and that customers retain access to services, albeit in different locations or through alternative means.
Decisions relating to the business model of regulated firms are for the boards of those firms alone. In relation to Banks, the Central Bank has no role in approving the closure of branches or the change in operations of branches."
