Dáil Éireann Debate, Wednesday - 7 December 2022
21. Deputy Neasa Hourigan asked the Minister for Finance where responsibility lies in the Retail Banking Review Report for recommendations referring to ‘the retail banking sector’; the way that these actions will be assessed; if there will be any consequences for failure to achieve these actions; and if he will make a statement on the matter. [61120/22]
Amharc ar fhreagraThe retail banking sector has the responsibility to ensure that there continues to be a fit for purpose retail banking sector for the years to come. The sector needs to ensure that interests of consumers and of businesses are its key priority and do the right things to deliver the best outcomes.
It is clear that intervention is needed to better manage the impact of the change that is happening, and in particular to ensure consumers and SMEs are protected, remain included and can continue to access the retail banking system. Timely actions are needed to address certain areas of concern.
These actions are set out as recommendations throughout the Report. The retail banking sector has thus been asked to: preserve consumers’ and business’ access to cash services (pending development of Access to Cash legislation); increase its levels of collaboration where possible; to ensure that its offerings are appropriate to cater for the needs of adults at risk of harm or abuse; to review its strategies and delivery models for SME credit; to review existing mortgage product suites; and to consider how best to expand its products and services to assist in the transition to a lower carbon future.
To conclude, the recommendations for the sector are their responsibility and it is important the sector seeks to implement them. As the implementation by industry of these recommendations will result in better outcomes for consumers and SMEs with a resulting overall strengthening of the retail banking sector, especially in conjunction with the other recommendations made in the report.
