Written answers

Wednesday, 20 January 2010

Department of Finance

Banking Sector Regulation

9:00 pm

Photo of Finian McGrathFinian McGrath (Dublin North Central, Independent)
Link to this: Individually | In context

Question 163: To ask the Minister for Finance if he will support a matter (details supplied) in Dublin 3. [2567/10]

Photo of Brian Lenihan JnrBrian Lenihan Jnr (Minister, Department of Finance; Dublin West, Fianna Fail)
Link to this: Individually | In context

While I regret the closure of any bank branches the Deputy will no doubt appreciate that the provision of services by banks, including the location of branches, is a commercial decision for the banks. The Deputy might wish to note that there is a provision in the Financial Regulators Consumer Protection Code which imposes certain obligations on banks who have decided to close or move a branch in a given location. The relevant provision states:

Where a credit institution plans to close or move a branch it must inform affected consumers in writing at least 3 months in advance and advise the Financial Regulator immediately thereof. The wider local community should also be informed, in advance, through notification in the local press.

This advance notification requirement is designed to give existing consumers the necessary time to choose another credit institution.


No comments

Log in or join to post a public comment.