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

The letter issued by the Central Bank to the organisations I mentioned in passing seeks to reinforce and, to any extent necessary, clarify the application of the expectations of the Central Bank's previous letter of June 2021 and to invite the CEOs to a round-table meeting hosted by the director general of financial conduct affairs, Ms Derville Rowland. The following are the key issues and risks that have been identified: the notice period for people in relation to the closure of accounts; the application of the switching process; the new provider making commercial decisions in a manner that facilitates the customer making and executing a switch; direct debit originators; and vulnerable customers will have to be looked at. These are all the issues that will be uppermost in the meeting with the Central Bank to ensure this is done on an orderly basis. The Department of Finance and the Minister are not directly involved in these issues, but they are being kept fully apprised of them because they are conscious of them. The final message I would give to anyone who gets a letter from either bank is that they should respond as soon as they get the letter and should not put it to one side. If they respond, the process can go better than if they ignore the letter.

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