Michael McGrath (Cork South Central, Fianna Fail)
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91. To ask the Minister for Finance the requirements banks must follow to fully inform customers of the true cost of cashback and other offers when it comes to mortgages; and if he will make a statement on the matter. [4538/19]

Paschal Donohoe (Dublin Central, Fine Gael)
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Provision 6.12 of the Central Bank Consumer Protection Code states that, where a regulated entity offers an incentive to a personal consumer on an existing mortgage (and, following an addendum to the Code which came into effect on 1 January 2019, now also in respect of a new mortgage), the regulated entity must provide the personal consumer, on paper or on another durable medium, with the information needed to consider the incentive offered.

This information must:

a) quantify the implications for the personal consumer of availing of the incentive including an indicative cost comparison of the total cost of the existing or new mortgage if they do not avail of the incentive and the total cost of the mortgage if they avail of the incentive;

b) clearly set out the length of time during which the incentive will be available;

c) clearly set out any assumptions used, which must be reasonable and justifiable;

d) set out the advantages and disadvantages to the personal consumer of availing of the incentive;

e) include other key information which the personal consumer should have available to them when considering the incentive; and

f) include a statement that the personal consumer may wish to seek independent advice prior to availing of the incentive.

This provision requires that consumers have sufficient clarity about the precise nature and scale of the benefit of an incentive to them, including the potential impact of an associated incentive on the cost of their mortgage.

Michael McGrath (Cork South Central, Fianna Fail)
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92. To ask the Minister for Finance the types of bank accounts that are prevented from being shown on such platforms; the reason for these types of bank accounts being prevented from being shown on electronic banking platforms; and if he will make a statement on the matter. [4539/19]

Michael McGrath (Cork South Central, Fianna Fail)
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97. To ask the Minister for Finance the number of banks in the market that enable customers to view accounts from other banks; if the European payments services directive compels banks to provide this service; if so, the way in which the directive will be enforced; and if he will make a statement on the matter. [4554/19]

Paschal Donohoe (Dublin Central, Fine Gael)
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I propose to take Questions Nos. 92 and 97 together.

The revised Payment Services Directive (PSD2) opens the EU payments market to regulated entities offering consumer or business-oriented payment services based on access to payment accounts.

It requires account servicing payment service providers (normally banks) to grant access to payment accounts to these regulated third party providers, known as account information service providers.

An account information service provider can use the access to payment accounts to provide the account holder with aggregated online information for their accounts held with multiple providers. The legislation provides that access to payment accounts is only possible with the permission of the account holder.

The requirement to provide access under PSD2 is confined to payment accounts. Banks themselves may provide account information services to account holders, but they are not obliged to do so.

PSD2 was transposed into Irish law in January 2018 through the European Union (Payment Services) Regulations 2018, and the Central Bank is the competent authority in the State for the purposes of the Payment Services Directive.