Written answers

Wednesday, 12 January 2011

Department of Finance

Banks Recapitalisation

2:30 pm

Photo of Emmet StaggEmmet Stagg (Kildare North, Labour)
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Question 126: To ask the Minister for Finance if he will provide an update on progress made with the introduction of basic bank accounts as foreseen in the original bank recapitalisation agreement in December 2008, to tackle financial exclusion; and if he will make a statement on the matter. [1390/11]

Photo of Brian Lenihan JnrBrian Lenihan Jnr (Dublin West, Fianna Fail)
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As part of the restructuring plan process currently under way with the European Commission it has been proposed that the domestic banking sector will be required to support and promote the availability of a basic bank account. This is to be done in the context of the implementation of the Government's strategy on financial inclusion in the State. Work is under way on a review of the options available to achieve greater financial inclusion – including the introduction of basic bank accounts by year end 2011. The objective of the review, which is being undertaken by the Social Finance Foundation on my behalf, is to identify recommended actions to achieve a substantial reduction in financial exclusion over a 3-5 year period.

The preparation of the review is being overseen by a steering group chaired by my Department and comprising key stakeholders. I expect to receive a draft report which sets out the recommendations from the review sometime in the first quarter of this year, and I intend to publish this for consultation purposes.

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