Léim ar aghaidh chuig an bpríomhábhar
Gnáthamharc

Banking Sector

Dáil Éireann Debate, Thursday - 16 June 2022

Thursday, 16 June 2022

Ceisteanna (48)

Brendan Smith

Ceist:

48. Deputy Brendan Smith asked the Minister for Finance if he has had recent discussions with the Central Bank in relation to the difficulties facing customers transferring accounts from banks (details supplied) to other retail banks; and if he will make a statement on the matter. [31295/22]

Amharc ar fhreagra

Freagraí scríofa

I am in regular contact with the Central Bank of Ireland on a range of matters and my officials also meet regularly with the Central Bank to discuss relevant matters regarding the withdrawal of Ulster Bank and KBC from the Irish market.

I would note that the decision of Ulster Bank and KBC to leave the Irish market is regrettable and my focus is on ensuring an orderly withdrawal and minimising the disruption to impacted consumers.

The Central Bank has been clear that it expects all retail banks, both those exiting the market and those remaining, to have plans in place to manage the impact of the broader changes and consolidation in the retail banking sector in Ireland. It is the responsibility of the individual banks to ensure that they are putting their customer first, ensuring fair treatment of customers and that customers understand what the changes mean for them.

The Central Bank met with the CEOs of the five main retail banks in Ireland on 17 May 2022 to discuss the large scale migration of customer bank accounts, and the actions necessary to ensure that this activity happens in line with customer needs and expectations. Following the meeting, there was agreement that a strong customer focused approach needs to be delivered. In order to achieve this objective, more work is required in the following areas:

- Better planning – the need for the sector to collaborate on a collective approach with agreed timelines and joined up planning across all institutions.

- Customer focused arrangements –taking into account the specific circumstances a customer may face and strongly supporting them in making the move.

- Proactive communication –so that customers can understand the banks processes, including how and when key customer facing decisions will be made.

- System wide engagement – the need for an inclusive forum where the banks engage as a group with the other actors and stakeholders in a way that is purposeful and enables problems to be anticipated and solved.

The Central Bank will meet again with the CEOs on 28 June 2022 for a further update on progress of the migration of customer accounts.

Barr
Roinn