Bernard Durkan (Kildare North, Fine Gael)
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230. To ask the Minister for Finance the degree to which he remains satisfied that cash remains readily available to customers through the banks via ATMs or other means; and if he will make a statement on the matter. [46544/22]

Paschal Donohoe (Dublin Central, Fine Gael)
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Over the last decade, we have seen a shift in the way consumers and businesses are paying and banking. While historically Ireland has been a relatively cash-intensive economy, advances in technology and changing customer demands have prompted a rapid increase in the take-up of electronic payments. The Covid-19 pandemic has acted as a potential catalyst for the move towards digital payments and the move away from cash.

Notwithstanding a significant increase in the take-up of electronic payments, cash remains a vital part of the Irish payment system. Banks have a key role in maintaining the flow of cash through the economy and ensuring appropriate access to retail banking services for all in society, including the vulnerable.

The changes currently underway in the Irish retail banking sector are a reflection of the wider challenges the banking sector is facing, not only in Ireland but also abroad. It is because of these changes that I have instructed my Department to undertake a broad-ranging review of the retail banking sector, which is currently taking place.

A key part of the review will be to examine the use and availability of cash in Ireland and determine whether any legislative proposal is needed in this regard.

The public consultation undertaken as part of the review contained a number of questions relating to access to cash. One of these questions noted the concerns which are being raised around access to cash and asked for submissions on what should be done to protect access to cash.

My officials are currently working on the Review and their draft report will be delivered to me in November.

Bernard Durkan (Kildare North, Fine Gael)
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231. To ask the Minister for Finance if the role of the banks in this jurisdiction is being replaced by investments funds; and if he will make a statement on the matter. [46545/22]

Paschal Donohoe (Dublin Central, Fine Gael)
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Banks and investment funds both have a positive role to play in providing financial services within the economy and wider society and can complement each other in this regard.

Ireland, like our partners in the EU, will require significant funding into the future to address strategic priorities. In this regard the EU Capital Markets Union initiative - which aims to get investment and savings flowing across all member states for the benefit of citizens, businesses and investors - stresses the importance of additional and alternative funding opportunities within the EU. This greater diversification of financing sources will reduce the current level of reliance on bank funding, increase private risk sharing within the single market, and is intended to make the EU’s financial system more stable as a result, thereby unlocking additional funding for economic activity in Europe.