Michael McGrath (Cork South Central, Fianna Fail)
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109. To ask the Minister for Finance the proportion of bank current account customers who have switched current account in each year from 2010 to 2015; and if he will make a statement on the matter. [17792/16]

Michael Noonan (Limerick City, Fine Gael)
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First, I would like to highlight to the Deputy that the Central Bank's Code of Conduct on the Switching of Current Accounts with Credit Institutions provides a robust, time bound process for the switching of a current account from one credit institution to another. In November 2015 the Central Bank published a report, the Consumer Protection Bulletin on Current Accounts, showing the operation of this code under a number of headings. This report is available on the Central Bank's website.

All credit institutions providing current accounts in Ireland are subject to the Switching Code, which was introduced by the Central Bank in October 2010. Its purpose is to make the process of switching current accounts easier and quicker for consumers. In H1-2015, 99% of all current account switches were completed within the timeframes prescribed by the Code (which includes the transfer of all direct debits and standing orders).

The annualised figures for switching under the Code given in the Consumer Protection Bulletin are in the following table:

The Central Bank do not have figures prior to 2011 and its most recent number is 5,374 for H1 2015. 

I understand that there was a spike in numbers using the switching process in H2-2013 and H1-2014 which coincided with the withdrawal of current account providers from the market.

The report shows a total number of current accounts at H2 2013 of 5,429,498 meaning that 0.28% switched accounts using the Code in 2013. The total number of accounts at H2 2014 was 5,423,063 meaning that 0.61% switched using the Code in 2014.

The Deputy may also wish to note that the EU Payment Accounts Directive introduces a number of provisions in relation to payment accounts, including the need to have a clear, quick and safe procedure for consumers who wish to move their payment account from one payment service provider to another. The Directive must be transposed by 18 September 2016 and my Department is working with the Central Bank on how best to give effect to this requirement on switching.