Jennifer Carroll MacNeill (Dún Laoghaire, Fine Gael) | Oireachtas source

I will try to address the points raised by the Senators as best I can. Senator Lombard is correct to raise access to cash points. He will have heard me speak forcefully on the radio that morning about Castletownbere in particular and the impact that would have. As Minister of State with responsibility for financial institutions, credit unions, and insurance, one of the things I am very committed to doing is to going to communities where there has been an exit by retail banks to speak with chambers of commerce and others about the impact on the operation of their businesses and the practical effects of it. I am also committed to augmenting and amplifying the role of credit unions as lenders to SMEs, mortgage lenders and the provision of cash services. An Post also provides cash services. I am very sensitive to the effect, in particular on rural Ireland, and the impact on towns where there has been an exit of retail banks and the impact on cash. Senators will be aware that the retail banking review that was published at the end of last year contains specific measures on access to cash. It is intended to bring forward the heads of a Bill on access to cash in 2023 as a response to precisely that issue and making sure that cash is available. I can discuss that with Senator Lombard in greater detail at any stage. I thank him for raising the point.

He also raised a point about engagement with non-bank lenders. Senator Martin raised a similar point. I am familiar with the difficulty from my constituency work. I have brought that experience to the Department of Finance and used it in my engagements to date. The Minister for Finance is also very aware of it and has discussed the broad issue with the Governor of the Central Bank, with whom he speaks regularly, as well as the lack of engagement by non-bank lenders and whether the Central Bank believes it may need further powers to address any of the concerns Senators have validly raised today. I will try to update the Seanad on that in due course.

The point Senator McDowell raised, which was also raised by Senator Burke, related to the power of the Central Bank. They are correct to highlight it if is about finding the right balance. Senator Gavan outlined the change that was introduced in the UK some seven years ago. The effect it has had on organisations there is that it has become a cultural issue within organisations. It has become about centralising the cultural question around individual accountability but at CEO level, so it is not something just for compliance, it relates to the whole-of-bank or whole-of-institution function and is driven by the CEOs office. The broad thrust of it is a complete cultural change through every aspect of the organisation. Senators are correct that there must be fair procedures in every aspect of this.I would go back to the appeals process that is there in the event of an individual being unhappy with the outcome or the process of a Central Bank investigation with the Irish Financial Services Appeals Tribunal, of which the chairperson had been Mr. Justice John Cooke. There are a number of solicitors and barristers on that to ensure fair procedures in regard to the appeals process.