Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

I thank An Cathaoirleach Gníomhach and Deputy Conway-Walsh for her good wishes and for raising this specific issue, which I will follow up on. The most important thing is that the departure of Ulster Bank and KBC is done in an orderly manner and the interests of their customers are protected. The fact that these two banks are leaving the Irish retail market is deeply regrettable and will have implications in terms of competition and consumer choice. That said, it is beyond our control. They have made their commercial decision to leave the Irish market and we now have to make sure it is done in a way that minimises disruption and the fallout the Deputy highlighted for individual customers, including farmers. It is the subject of close scrutiny by the regulator. The Central Bank and its team are on an ongoing basis reminding both Ulster Bank and KBC of their obligations. The Deputy raised the specific issue regarding overdraft availability. I will ask that that be looked at.

Regarding Deputy Dillon's points, I am of course aware of the exclusion of certain sources of energy from the TBESS. My understanding is that it is because of concerns raised by the Revenue Commissioners at the time regarding oil, LPG and kerosene. As things stand, the scheme is due to end at the end of February. In the course of my examination of all of the issues due to arise before the end of next month, I will be looking at the operation of the TBESS scheme. Earlier this evening there was an exchange across the House on the 9% VAT rate. I was asked to put on record the costings of extending it. Extending it to the end of this year would cost €427 million.

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