Colm Burke (Cork North Central, Fine Gael)
Link to this: Individually | In context | Oireachtas source

230. To ask the Minister for Finance the engagement his Department has had with banks to ensure that older persons who have difficulties with technology are supported as these institutions remove bank counters and rely more on machines and Internet banking; and if he will make a statement on the matter. [13965/22]

Paschal Donohoe (Dublin Central, Fine Gael)
Link to this: Individually | In context | Oireachtas source

As Minister for Finance, I do not have a direct function in the operations of any bank. Although the State is a shareholder in some of the banks operating in the State, they must be run on a commercial and independent basis. Actions taken by the banks, including the services they choose to provide, are matters for the board and management of each institution.

While decisions regarding the number of bank counters in branches is a commercial decision for each regulated entity, the Central Bank and I expect that all regulated firms will take a consumer-focused approach and act in their customers’ best interests, particularly in dealings with vulnerable consumers. People who may be experiencing particular vulnerabilities must be provided with whatever reasonable arrangements and/or assistance they need in their dealings with regulated entities.

On 25 June 2021, the Central Bank issued an industry letter regarding its consumer protection expectations in the changing retail banking landscape. In respect of vulnerable customers, this industry letter sets out that all customers are potentially vulnerable to the risk of making uninformed decisions, or decisions that are not in their best interests, particularly during times of uncertainty and change. The Central Bank sets out the following expectation of regulated entities in respect of vulnerable customers:

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.

Have specific and effective processes and communication plans to support vulnerable customers during a time of increased uncertainty.  

More generally my Department engages regularly with the banking sector on a wide variety of relevant issues including consumer related matters.

My Department is also currently undertaking a review of the retail banking sector. This Retail Banking Review has commenced its work and is currently in its research phase. As part of the Review, a survey of consumers is currently underway  to ascertain their experience and perceptions of the retail banking sector in Ireland.

In addition, 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.