Oireachtas Joint and Select Committees

Wednesday, 23 June 2021

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach

General Banking Matters: Permanent TSB

Mr. Patrick Farrell:

It is the intention that this system, in the medium to long term, will be able to plug into a European system. The platform and service are to be provided by a company called Sia, which is an Italian company. The intention is that when the European system is at a level that we can plug into, this would become part of the European-wide system. We want to get it off the ground. The functionality that is available to customers in this system is significant and it is something that we want to develop in an Irish market. The intention - going back to Deputy Doherty's point - is to plug into a European-wide system at a time when it is ready.