Micheál Martin (Cork South Central, Fianna Fail) | Oireachtas source

I thank the Deputy for his comprehensive presentation. The Minister, Deputy Donohoe, and his officials are engaging with the banks that have indicated their intentions to leave the market, in particular, KBC and Ulster Bank. They have recently confirmed they will provide their customers with six months' notice to close their accounts. The Minister and his officials are also engaging with Banking & Payments Federation Ireland to ensure the remaining banks are prepared to accept applications from customers who are switching from the closing banks. As the Deputy said, on 27 April the Central Bank issued so-called "dear CEO" letters to the five retail banks and to the largest financial services direct debit originators setting out the regulator's expectations and the requirement for a customer-focused approach. On 17 May the Central Bank will meet the leaders of the retail banks at a round-table meeting to discuss their readiness for the migration of accounts from both Ulster Bank and KBC and to ensure all parties prioritise the interests of customers and prospective customers throughout the unprecedented volume of account migration.

I will certainly convey to the Minister the Deputy's point on the FSU being a key stakeholder. We will also be insisting the consumer protection code 2012 is adhered to in all aspects and that the code of conduct on the switching of payment accounts with payment service providers is in place to support customers.

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