Written answers

Tuesday, 5 October 2021

Photo of Brendan HowlinBrendan Howlin (Wexford, Labour)
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163. To ask the Minister for Finance the options available to an Irish company that has been refused by the two largest banking companies in Ireland to open a business bank account; if his Department or any other State agency offers assistance in such cases to new companies; and if he will make a statement on the matter. [47599/21]

Photo of Paschal DonohoePaschal Donohoe (Dublin Central, Fine Gael)
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As Minister for Finance I have no role in commercial decisions made by banks. This includes a bank’s decision as to whether or not an account should be opened for an individual or business. The Central Bank has also confirmed that it has no specific powers in relation to this matter and that it cannot become involved in commercial arrangements between banks and their customers.

However, if the business is not satisfied with the way this matter has been handled they can make a complaint to the relevant banks; this can be done through the banks’ internal formal complaints procedure. If they are not happy with the outcome they may wish to refer the matter to the Financial Services and Pensions Ombudsman to have it independently investigated. All personal customers, unincorporated bodies, charities, clubs, partnerships, trusts, and limited companies with a turnover of €3,000,000 or less can complain to the Ombudsman. Investigations by the Ombudsman are free of charge to the complainant.

Contact details are as follows:

Office of the Financial Services and Pensions Ombudsman, Lincoln House, Lincoln Place, Dublin 2, D02 VH29

Tel: +353 1 567 7000

E-mail: info@fspo.ie

Website: www.fspo.ie

Credit Review is also available to assist those SMEs and farm borrowers that have had credit applications of up to €3 million refused or indeed an existing credit facility withdrawn or amended by the participating bank. SMEs can apply to Credit Review after exhausting the internal appeals process in the participating institution, which are currently AIB, BOI, Ulster Bank and Permanent TSB.

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