Finian McGrath (Dublin North Central, Independent)
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189. To ask the Minister for Finance the reason the Irish Cuba support group will have its banking services terminated at short notice by the Bank of Ireland. [36599/14]

Michael Noonan (Limerick City, Fine Gael)
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As the Deputy is aware, I have no direct function in the relationship between banks and their customers.  I have no statutory function in relation to banking decisions made by individual lending institutions at any particular time as these decisions are taken by the board and management of the relevant institution. A Relationship Framework has been specified that defines the nature of the relationship between the Minister for Finance and each bank. These Frameworks were published on 30 March 2012 and can be found at: .

Notwithstanding this, officials in my Department have referred the issue to Bank of Ireland and have received the following comment in this regard:

"The US Government has a restrictive trade embargo against Cuba. The US legislative and regulatory measures include an embargo on making or receiving payments from Cuba and/or facilitating the making or receiving of payments from Cuba.

Bank of Ireland depends on correspondent banks for the processing of our national, European and international transactions, including our SEPA (Single European Payment Area) transactions. We are reliant on our correspondent banks because they process and facilitate all such transactions on our behalf. The current issue has arisen as a result of the transition to SEPA. As it happens, our principal correspondent bank for SEPA transactions is a leading US bank who must comply with its own regulatory requirements and obligations to avoid a possible exposure to regulatory sanctions and penalties.

As a result, we are not in a position to process such transactions. This affects all international payments to or from Cuba and also any related SEPA payments."