Gerald Nash (Louth, Labour) | Oireachtas source

I have a couple of final questions, with the indulgence of the Chair. Some Ulster Bank customers have already made the decision to switch their bank accounts. Has the Central Bank been monitoring that on a monthly basis? Would the witnesses happen to have the figures with them today that would indicate how many Ulster Bank customers have migrated already? That is the first question of my final round. I am assuming the Central Bank has a process in place to do that.

I have two related supplementary questions. There is an obligation on the banks to comply with the switching code, and this has been mentioned by other colleagues. In response to a letter I wrote to the Central Bank on 7 March, Mr. Kincaid responded on 28 March and I am grateful for his response. He said that the Central Bank is prepared to intervene further if it is not satisfied with progress. What does “intervene further” mean in practice? What tools has the Central Bank available to it? How long will it wait? Is the Central Bank going to wait until the fifth or sixth month of this before an intervention is made if it is not satisfied with progress? What kind of interventions is it prepared to make? What weapons does it have in its armoury to force the banks to comply with the code and to do what is necessary and do the right thing by customers?