Seán Fleming (Laois-Offaly, Fianna Fail) | Oireachtas source

I thank the Deputy for raising this issue. As she is aware, the FSU has suggested the establishment of a banking forum involving all relevant stakeholders coming together to discuss the future of banking in Ireland.

When the Minister for Finance met the FSU last December, he highlighted that he did not think that our Department should participate in such a forum. His concern in this regard was that the participation of a competent authority in the formulation of proposals and recommendations which would then be submitted to Government for objective consideration by the same authorities did not present a model of good governance. However, he assured the FSU that he and officials in his Department would examine any proposals or outputs from the FSU or a banking forum organised by it, should it be established. His position has not changed since that meeting.

Earlier this month, the FSU published a discussion paper on the future of banking in Ireland. It set out a number of principles for the forum, including that it would be organised under the auspices of the Government and would meet approximately four times a year, which implies a permanent or semi-permanent structure. The FSU believes that this forum should include all stakeholders, including the banks, customers, staff, management, trade unions, business and employers' groups and community interests. The paper also sets out a wide range of topics the forum could discuss, including, among others, the lack of public trust in banks, the issue of artificial intelligence in banking, the closure or downgrading of branches and ATMs, financial exclusion, illiteracy and digital exclusion and banking culture, ethics and whistleblower protection. Trying to address such a broad range of difficult topics in the suggested structure may prove challenging and, in an ever-changing environment, will need a rapid response.

The programme for Government highlights the importance of social dialogue and open engagement with all sectors of society. Accordingly, the Minister and our Department are happy to engage with all stakeholders in an appropriate manner. In that context, the Minister engaged with the FSU last year on the strategic review of Ulster Bank. In addition, he met the FSU on the day NatWest announced the outcome of that review. He also gave a commitment to further engagement with the FSU regarding Ulster Bank.

Last Tuesday, I met the FSU to discuss a number of matters relating to the banking forum. Officials from the Department will meet the FSU to discuss its discussion paper in the coming weeks.

The Central Bank and the Department regularly hold public consultation on policy matters. The Department has conducted several public consultations on financial services in the past 18 months, including on corporate bonds and the risk reduction measures package. These consultations are open to all sectors and allow all interested parties to make a submission.

I recognise that the FSU is trying to represent most of the 23,000 staff in the main banks in the Republic of Ireland. We are all very concerned and want to assist in every way to make sure there is a viable banking service available to the public in the future.

The Central Bank is also finalising plans for a public consultation on a substantial update of the consumer protection code. The update will address the emerging trends and risks in financial services to ensure the code continue to deliver strong protections for consumers in the future. Proposals on how to strengthen the consumer protection code and access to banking can be dealt with in that context. The Central Bank expects that the public consultation will commence during the course of this year.

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