Michael Collins (Cork South West, Independent) | Oireachtas source

I am happy to have an opportunity to speak on this issue.

Pursuant to Article 32a of the fifth anti-money laundering directive, member states are to put in place national centralised and automated mechanisms, such as central registers, and central electronic data retrieval systems that allow for the timely identification of any natural or legal person holding or controlling payments, accounts or safe deposit boxes.

All sorts of financial crimes are taking place at this time, with people getting telephone calls day and night involving all types of scams. What makes this more difficult is that people have no one they know in the banks to talk to about these scams. I see at first hand how banks are walking away from the good customer service they used to provide. The Government reacted without a whimper to the recent Bank of Ireland closures, standing idly by as branches in Bantry, Dunmanway and elsewhere closed their doors to customers last week. It is angering people that we bailed out the banks over the past 20 years but when those banks were asked to show some bit of loyalty, they turned their backs on people. AIB is no different. Its branches in Schull and many more places in west Cork and throughout the country were closed a number of years ago. These closures make it almost impossible for elderly people to meet or talk to anyone, which is working right into the hands of criminals, who know the customer-staff relationship is now broken.

It is important to note that customers have a great relationship with the staff in credit unions in west Cork and throughout the State. People are known by their names, not by a number, and interactions with services do not involve pressing a button on the wall. Customers are carefully looked after by the credit union officials. However, the State is doing little to let credit unions compete on the same basis as the banks. There is no reason that they should not be enabled to do so. Do the banks have such a monopoly on the State that we cannot move forward with such measures? We are playing into criminals' hands by not taking any of the various measures that could be used to face up to the situation. The rebuilding of relationships between banks and customers must be a first step in this regard. Sadly, that is not happening and it is leading to severe frustration and annoyance for the public. It is scandalous that the Government stood idly by and let the closure of the Bank of Ireland branches in Bantry and Skibbereen happen.

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