Malcolm Byrne (Wicklow-Wexford, Fianna Fail)
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219. To ask the Minister for Finance if he plans to add ensuring competition to the mandate of the Central Bank; and if he will make a statement on the matter. [50157/25]

Paschal Donohoe (Dublin Central, Fine Gael)
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The Central Bank has a wide and varied mandate as dictated by the statute of the European System of Central Banks, by the Supervisory EU Legal Acts and by the Central Bank Acts. It has responsibility for the regulation and supervision of financial institutions in terms of consumer protection and prudential requirements and for ensuring ongoing compliance with applicable statutory obligations. A well-functioning regulatory and supervisory system is essential to the operation of a competitive market.

As the Deputy will be aware, primary responsibility for competition policy rests with the Department of Enterprise, Tourism and Employment and the Competition and Consumer Protection Commission (CCPC). Furthermore, the Competition and Consumer Protection Commission (CCPC) is the statutory body responsible for promoting compliance with, and enforcing, competition and consumer protection law in Ireland. It has the established expertise and resources to fulfil this role.

Competition was a key area of focus under the Retail Banking Review and the Retail Banking Review Report, published in November 2022, reflected a number of recommendations related to competition.

It recommended that the Central Bank and CCPC build on existing arrangements and establish closer coordination to share perspectives, information and experience on the orderly functioning of markets, consumer protection and competition in the retail banking sector.

Following this, on 24 March 2025 the CCPC entered into a revised cooperation agreement (www.ccpc.ie/business/about/co-operation/co-operation-agreement-between-the-competition-and-consumer-protection-commission-and-the-central-bank-of-ireland/) under section 19 of the 2014 Act with the Central Bank. This agreement provides for increased co-operation between the CCPC and Central Bank in relation to their respective functions.

Another related recommendation from the Retail Banking Review was incorporated in the Access to Cash Infrastructure Act 2025. This requires the Central Bank to carry out and publish cost-benefit analyses of business standards it proposes to prescribe, as well as for regulations it proposes to make in relation to financial service providers. Any cost benefit analysis carried out will have to consider the impact of any standards or regulations on consumers and their impact on fair competition.

For all the reasons outlined, I do not consider that a competition mandate should be added to the role of the Central Bank at this time.