Paschal Donohoe (Dublin Central, Fine Gael) | Oireachtas source

Of course, the difference between me as a member of this committee and other members of this committee, all of whom I hold in very high standing, is that I am the Minister for Finance and I have policy responsibility in these areas. I have to be cognisant of the role of an independent regulator.

At the moment, I believe there are some signs of progress under way with regard to the orderly transferral of accounts, the closure of accounts in Ulster Bank and the opening up of new accounts elsewhere. I may have mentioned in response to Deputy Richmond that more than 600,000 new accounts have been opened, which is a good sign. I have not been informed by the Central Bank of Ireland yet of any reason the period of time within which Ulster Bank is staying in the market should be extended.