Ms Michelle Byrne:

As the Deputy knows, the code is a regulatory code. Relevant members have to comply with it as a matter of law and they must be able to demonstrate that compliance to the Central Bank. The code will work well for some customers, especially those who believe they may need a little more support in the process and, as Mr. Hayes mentioned, those customers who may have little or no direct debits on their accounts. In all of this, the information imparted to the customer and the education the customer is able to access, in terms of understanding what is involved in either doing it themselves or doing it under the switching code, is very important.

It is important customers understand that if they use the code, not everything will move as part of that. A part of it is about being aware. As Mr. Hayes also mentioned, we have had a lot of engagement with direct debit originators. One of the things we asked for from them was that they engage in proactive communications with customers of the departing banks. That will be very helpful in informing those customers how to go about updating their account details with any of those originators. That is another important part of it.