Gerald Nash (Louth, Labour)
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214. To ask the Minister for Finance the status of his plan for a broad ranging review of the banking sector announced in Dáil Éireann in July 2021; when he will publish the terms of reference of such a review; if his Department has had engagement with the Central Bank on this matter since the initiative was announced; and if he will make a statement on the matter. [48157/21]

Paschal Donohoe (Dublin Central, Fine Gael)
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As the Deputy is aware, I announced in Dáil Éireann on 1 July 2021 that my Department will undertake a broad-ranging review of the retail banking sector to look at, inter alia, expectations of the sector, competition, consumer protection and consumer choice, the sector’s key role in the provision of sustainable credit to the economy, the availability of credit to SMEs from both banks and non-banks and options to further develop the mortgage market.

The review will also look at the cost of doing business for the sector, including impacts on its sustainability and the forces for change at play or foreseen, be they related, for example, to COVID-19, Brexit, climate change, housing, regulation or technology.

I am currently considering the Terms of Reference and will bring a Memo for Information to Government in the coming weeks in advance of their publication.

This process will involve engagement with a wide range of stakeholders, including the Central Bank of Ireland, to develop a fuller analysis of future banking challenges.