Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

I thank the Deputy for her good wishes. I also thank her for submitting this question.

The Government approved the publication of the retail banking review and the implementation of its recommendations on 29 November. Each recommendation identifies the body or bodies responsible for delivery of that recommendation and, in some cases, contains timelines for delivery of the recommendation, where appropriate. It is for the relevant bodies to consider and implement the recommendations addressed to them.

Implementation of the recommendations requires both the Department of Finance and the Central Bank to deploy resources to deliver them. Many of the recommendations will also require close collaboration between the Department and the Central Bank. The implementation of the recommendations that are directed at the Department are mainly being carried out as part of normal policy and legislative work. However, a key issue identified by the review was access to banking services, particularly the ability to withdraw and deposit cash. A number of recommendations address this issue. A dedicated team has commenced its work on this issue and is currently in its research phase to develop legislation and prepare the heads of a Bill. These heads will include requiring banks to provide reasonable access to cash, which will be defined following consultation with the Central Bank and other stakeholders.

The Central Bank informs me that it is working on the implementation of recommendations addressed to it. The bank is undertaking a major review of the consumer protection code, and the outcome of this significant piece of work is likely to address several of the recommendations. Other recommendations will require implementation by other State agencies, such as the Competition and Consumer Protection Commission, Departments and all relevant stakeholders.

It is crucial that the retail banking sector ensure the interests of consumers are a priority in their organisations and seek to work together, where possible, to deliver the best outcomes for the economy and citizens. The retail banking sector has been contacted regarding its role in carrying out those recommendations that fall to it.

See this speech in context