Michael McGrath (Cork South Central, Fianna Fail)
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65. To ask the Minister for Finance the status of plans to provide basic bank accounts for low income households; and if he will make a statement on the matter. [41061/15]

Michael Noonan (Limerick City, Fine Gael)
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My Department is currently transposing the Payment Accounts Directive which requires that all consumers legally resident in the EU must have access to a payment account with basic features, regardless of their financial circumstances. The Directive also allows Member States to make provision to promote financial inclusion of unbanked, vulnerable consumers.  The Directive must be transposed by September 2016.

My Department is carefully considering how to progress this issue, in light of the requirement in the Payment Accounts Directive that payment accounts with basic features are offered by a sufficient number of credit institutions, which includes the main banks, to guarantee access for all consumers.  My Department is working closely on the matter with other relevant Government departments.