Ms Mairead McGuinness:

I thank the Deputy for his question. He covered a significant amount of ground. I will deal with his specific question at the end of my response. Financial institutions were not exactly banned from giving out dividends. Strict guidelines stating it would not be appropriate in the context of the Covid-19 crisis were put in place. As I stated in response to another member, we do not know how this crisis will evolve. We are concerned that if, for example, there is an increase in infections and perhaps further restrictions after Christmas, that will have a further dampening effect on economic activity and more guidance may well be issued. What will happen is not fixed in stone. We know that banks were asked to abide by the guidance. They have stuck with the guidance and advice not to pay dividends.

The Deputy's second specific question relates to Ulster Bank, etc. I am aware of that issue. I have been contacted by the unions involved and I will be meeting them for a full briefing on this issue. The issue of bank closures is ongoing and long-standing. It is, perhaps, partly due to the reality of the situation. I am not sure if any of my adult children ever go to a bank branch. I think there is a generational issue. I was very familiar with bank branches when I was younger, but many people today use their phone or whatever to make transactions. I acknowledge that it has been difficult for workers in the banking sector. If the future evolves in such a way that we all use fewer physical infrastructures such as bank branches and instead use more technologically driven structures, that will have consequences for the workers or the number employed in banks. The Deputy can rest assured that I will be listening directly to the trade unions concerned which will provide me with the full information. Obviously, the Commission cannot interfere in a decision by a bank to do what it wishes to do. I am not yet clear from the information I currently have whether a decision has been taken to sell off or close down. I am not clear in that regard from what I have read thus far. If the Deputy has any clarification, I would be interested to hear it. I am aware of the situation.