Kathleen Funchion (Carlow-Kilkenny, Sinn Fein)
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278. To ask the Minister for Finance if his attention has been drawn to the long wait times customers at several of the country’s largest banks have to wait for customer service; if he has addressed the matter with the Central Bank; the actions his officials have taken to address same considering the investment by the State in the banking sector here; and if he will make a statement on the matter. [7486/22]

Paschal Donohoe (Dublin Central, Fine Gael)
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As Minister for Finance, I have no role in the operational matters of any bank in the State. This includes banks in which the State has a shareholding. Decisions in this regard are the sole responsibility of the board and management of the banks, which must be run on an independent and commercial basis.

However, both I and the Central Bank expect that all financial firms act in their customers best interests and treat them fairly, in line with the requirements of the statutory Consumer Protection Code 2012. Firms must take a consumer-focused approach in respect of any decision that affects their customers and to engage clearly, effectively, and in a timely manner with all customers.

In June 2021 the Central Bank wrote to the main retail banks in Ireland to set out its expectations of the importance of considering consumers’ interests in decision-making during this period of unprecedented change in the retail banking sector in Ireland. The Central Bank is closely monitoring banks’ compliance with its expectations through ongoing supervisory engagement and review. This includes the expectation that the quality of service to customers by firms is in line with the firm’s expectations and the firms’ own internal service level standards.

The letter sets out the Central Bank's expectations in relation to a range of issues including:

- Demonstrating a customer-focused culture, ensuring fair treatment of customers and ensuring that customers understand what the changes mean for them.

- Being transparent and clear in communications, communicating effectively and in a timely manner with all affected customers across all channels (e.g. in person, advisory, digital etc.), providing customers with sufficient information and avoiding risks around information overload.

- Providing as much notice as possible on account closures, product/service withdrawals etc.

- Consider specifically the impact of their decisions on vulnerable customers and provide the assistance necessary to reasonably mitigate those impacts and retain access to basic financial services.

Further, in light of the changing landscape for banking in Ireland I have instructed my Department to undertake a broad-ranging review of the retail banking sector. The Retail Banking Review has commenced its work and is currently in its research phase. As part of the Review, a survey of consumers will be undertaken in the coming months to ascertain their experience and perceptions of the retail banking sector in Ireland.

There will also be a public consultation process this year where members of the public can make a submission to the Department of Finance on issues that fall within the Terms of Reference.