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

I thank the Deputy for raising this question. It is a matter that is relevant for many people. While it is regrettable that Ulster Bank and KBC Bank have decided to exit the Irish market, the Deputy will understand that the Minister for Finance does not have a role in relation to the commercial decisions of the banks. The Minister's priority is to ensure each bank withdraws from the market in an orderly manner. That word - "orderly" - is the most important one I will use here in this context. It must be done in an orderly manner. Ulster Bank has commenced issuing letters on a phased basis. KBC Bank is doing so as well. It is important that this happens in an orderly manner.

The Central Bank has a consumer protection role in relation to this matter and I believe it is watching this clearly. Not long ago, it issued a report on how long it was taking the main banks to answer their phones - people could not get through when they were ringing - and that was a forerunner to what it could see as a problem that can happen. If one cannot get through on the phone, how does one get to make an appointment to open a bank account? The fact that the Central Bank issued this report a while ago shows that it is alert to the situation. It is watching it carefully. The Central Bank is briefing the Department of Finance on a monthly basis. I stress that all these regulatory matters are matters for the Central Bank, and the Department of Finance does not have a direct role. The Central Bank is independent of the Government and the Minister cannot direct the banks which are leaving.

NatWest, which is selling Ulster Bank, is taking a share in Permanent TSB and that group will continue to have a presence in Ireland. That will be a further reason to ensure everything is done in an orderly manner.

In recent days, Ms Derville Rowland from the Central Bank has written directly to all the major banks and the 20 main direct debit instigators and companies to make sure all of them work together. I understand that Ms Rowland is asking for detailed responses from each of them in relation to preparedness and that a meeting is scheduled in the next couple of weeks directly with each of them.

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