Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

On the issue of progressing the European directive, a number of countries have taken steps to confirm payee in the past, such as Britain and the Netherlands. Instant payments in the Netherlands are up at 99.5%. If people are transferring money, the bank will ensure that the IBAN directs to whatever store it should be, such as Homestore and More, as opposed to somebody who has set up an account that is pretending to be Homestore and More. Why can the banks here not move ahead, given that some other European countries are already operating under confirmation of payee and it would be of great benefit?