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Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (Resumed) (21 Sep 2022)

Paschal Donohoe: I thank the Chairman for the opportunity to be here today to discuss matters relating to the banking sector in Ireland. The committee is aware of the many changes to our banking sector in recent years, driven by factors including advances in technology and changing consumer demand. We have also seen the exit of two key banks from the sector in Ireland, which has had and will continue to...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (Resumed) (21 Sep 2022)

Paschal Donohoe: I thank the Deputy. As he has acknowledged, a significant degree of change is under way with regard to interest rate policy in the future. The European Central Bank, ECB, through its president and the chief economist, has indicated the kind of action it will consider in the future. If inflation in Ireland becomes a core part of our economy for years to come, it will make us even poorer for...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (Resumed) (21 Sep 2022)

Paschal Donohoe: This is a decision that is made by central banks and regulators. The Central Bank of Ireland decides how much capital our banks hold and I will not give an indication on how an independent regulatory decision could be made. I know Deputy Richmond will understand why that is the case and why I have to take that course of comment. I am aware of all the commentary that has taken place on the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (Resumed) (21 Sep 2022)

Paschal Donohoe: We are seeing a larger amount of account closure and shifting in the aftermath of the decision by KBC Bank Ireland and the imminent exit of Ulster Bank. There are many encouraging signs now regarding the right level of switching activity taking place. In Bank of Ireland, AIB and Ulster Bank, in the first eight months of this year, we have now seen more than 600,000 new accounts being...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (Resumed) (21 Sep 2022)

Paschal Donohoe: We have an extensive amount of work under way regarding issues such as financial fraud and money laundering. We have a unit inside the Department of Justice that is involved in overseeing activity with regard to this issue. A unit within my own Department also looks at activity that is under way and monitors our progress in it. We have such a strategy in place. I am confident from the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (Resumed) (21 Sep 2022)

Paschal Donohoe: Of course what statistics like that do not contain, because by their nature they cannot, is the amount of financial fraud and financial crime that is prevented due to the work of banks highlighting to their customers what they need to watch out for and be careful of. I am confident, based on the engagement I have had directly with the banks and the Central Bank of Ireland, that the banks we...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (Resumed) (21 Sep 2022)

Paschal Donohoe: I have just briefed the Deputy on what we have done. Regardless of the level of change happening, where accounts are held and in which banks they are held, we are bringing forward the payment services directive, which we played a part in negotiating within the European Union. We will implement it at the start of next year, in January 2023. This is all about improving the security of...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (Resumed) (21 Sep 2022)

Paschal Donohoe: I understand the directive, by requiring customers to provide more information about themselves when they are involved in setting up or maintaining accounts, should make it harder for this criminal activity to happen. This will be coming in. While the Deputy is correct to point to the statistics of successful criminal activity going up by 50%, the scale of such activity has gone up by far...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (Resumed) (21 Sep 2022)

Paschal Donohoe: We are about the same as other European countries. We all see the scale of this activity grow. Three different kinds of activity are taking place. First, we are strengthening the legislative framework for dealing with these issues. This is happening EU-wide because this criminal activity does not know any borders. We are involved in implementing change in that area. Second, when I and...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (Resumed) (21 Sep 2022)

Paschal Donohoe: Is the Deputy referring to our strategy in relation to financial crime?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (Resumed) (21 Sep 2022)

Paschal Donohoe: I am not aware that it was published. At times, if the Department is involved in activity to deter criminal behaviour, it is not in our interests to publish all of the work that is under way. I am not aware if it was published and can think of good reasons it was not, but if I am wrong in that assessment I will let the committee know.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (Resumed) (21 Sep 2022)

Paschal Donohoe: As part of the relationship framework that we have with AIB and with other banks; to make us aware of the work that the board is doing. These are very extensive papers that are furnished to us.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Discussion (Resumed) (21 Sep 2022)

Paschal Donohoe: No, it was not apparent to the official or to the Department through the papers that were shared with us what the public impact would be or what the reaction to it would be. We only became aware of the full scale of what was proposed at official level the Friday before the announcement was made. As I said, I was informed of it the following Tuesday.