Dáil Éireann Debate, Tuesday - 24 January 2023
135. Deputy John McGuinness asked the Minister for Finance if he will provide an update on the retail banking review; the action he will be taking on foot of it; and if he will make a statement on the matter. [3068/23]
Amharc ar fhreagraThe Retail Banking Review Team submitted the draft Review in November. It was then brought to Government on 29th November to seek its approval to publish the Review and to implement the 34 recommendations. This approval was given and the recommendations are now Government policy.
Each recommendation identifies the body or bodies responsible for delivery of that recommendation and in some cases contain timelines for delivery of the recommendation, where appropriate. It is for those bodies to consider and implement the recommendations addressed to them.
The implementation of the recommendations that are directed at the Department of Finance and relevant authorities will be carried out for the most part as part of normal policy and legislative work.
However, a key issue identified by the Review was access to banking services, particularly the ability to withdraw and deposit cash, and a number of recommendations address this issue. There is a dedicated team in place that has commenced its work and is currently in its research phase to develop legislation and prepare heads of bill.
These heads of bill will include requiring banks to provide reasonable access to cash, which will be defined in consultation with the Central Bank and other stakeholders.
