Bernard Durkan (Kildare North, Fine Gael)
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46. To ask the Minister for Finance the role he sees for redundant banks that have ceased to trade in the domestic market but have remained open to investment in corporate sectors; and if he will make a statement on the matter. [46503/14]

Michael Noonan (Limerick City, Fine Gael)
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Given the extent and nature of the financial crisis in Ireland it was inevitable that the banking sector would consolidate in order for the sector to better match the needs of the economy and that individual banks would adjust their business models to focus on their strengths.

Under the Central Bank's Consumer Protection Code, banks are required to give a minimum of 2 months' notice before they close a consumer's account. It is important that consumers are given adequate notice to allow them to take the required steps to close or transfer their accounts.

I wish to highlight that all banks providing current accounts in Ireland are subject to the Central Bank's Current Account Switching Code, which is designed to make the process of switching current accounts easier and quicker and to offer protection and support for consumers when switching bank account. The Switching Code places obligations and time limits on both the old and the new bank when completing the switching process. Where accounts include credit facilities, such credit facilities will be subject to the credit assessment process applicable at the receiving bank. 

I have said before that I expect that the restructuring of the banking sector in Ireland and the recovery of the economy will present opportunities for the entry of new market participants well positioned to be confident in the future profitability of an Irish branch or subsidiary.

It is important to highlight that the Irish financial market offers opportunities to institutions. This Government has taken steps to ensure that the Irish financial market is accessible to any financial institution considering establishing in Ireland. In seeking to reduce the barriers to entry which are specific to the Irish banking market, Section 149 of the Consumer Credit Act, as amended, which provides for the regulation of bank fees and charges has been disapplied for the first three years in the case of new financial service providers setting up in Ireland.  This arrangement was provided for in the Central Bank (Supervision and Enforcement) Act 2013.

The Deputy will be aware of the entry into the market of a new retail credit firm authorised by the Central Bank over the summer.

The  Deputy will also be aware of the creation of the Strategic Banking Corporation of Ireland (SBCI), ensuring that in future, Irish businesses have access to long-term funding.