Peadar Tóibín (Meath West, Aontú)
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252. To ask the Minister for Finance if his Department has identified barriers to entry in the non-investment sector of the Irish banking market and anti-competitive commercial practices by Irish banks; and, if so, the detail of the barriers. [52011/21]

Paschal Donohoe (Dublin Central, Fine Gael)
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The Competition and Consumer Protection Commission (CCPC), a body under the aegis of the Department of Enterprise, Trade and Employment, is the statutory body responsible for the enforcement of domestic and EU competition law in the State.

As the Deputy may be aware there are a number of proposed transactions in the Irish Banking sector that are currently the subject of ongoing merger investigation by the CCPC. I am advised by the Minister for Enterprise, Trade and Employment that it his understanding that barriers to entry is usually an element of the merger investigation. The CCPC is independent in the performance of its functions, therefore it would be inappropriate for me at this stage to comment further on this matter.

However, more generally, as the Deputy may already be 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 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 to develop a fuller analysis of future banking challenges.