Pearse Doherty (Donegal, Sinn Fein)
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500. To ask the Minister for Finance the status of the recommendations of the 2022 Retail Banking Review; the number of actions outstanding; the timeline for their completion; and if he will make a statement on the matter. [59383/25]

Paschal Donohoe (Dublin Central, Fine Gael)
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The Government approved the publication of the Retail Banking Review and the implementation of its recommendations on 29 November 2022. The Review, which was conducted by officials in the Department with assistance from other Government agencies and Departments, made a wide range of recommendations to improve both the sector and the customers' experiences, recognising the critical importance of a stable and viable retail banking sector for the Irish economy.

The recommendations addressed critical matters such as access to cash, the Central Banks review of the Consumer Protection Code, ongoing support for SME lending, developing a financial literacy strategy, preparing a new national payments strategy, and mortgage arrears. Each recommendation identifies the body or bodies responsible for delivery of that recommendation and, where appropriate, timelines for delivery of the recommendations.

It is for the relevant bodies to consider and implement the recommendations addressed to them. The implementation of the recommendations that are directed at the Department of Finance have been embedded in the business plans of the relevant Divisions, where work is ongoing to advance these.

Regarding access to cash, the Retail Banking Review highlighted the importance of cash to many, particularly those in lower income cohorts and the older population. The Review recommended the drafting of legislation to ensure that cash remains accessible for all. The Finance (Provision of Access to Cash Infrastructure) Bill 2024 was signed into law on 20 May 2025. The legislation was commenced on the 30th of June 2025, and I expect the associated regulations on the access to cash criteria and thresholds for identifying designated entities to be completed by the end of Q4 2025.

Earlier this year the Central Bank of Ireland undertook a major review of its Consumer Protection Code. Following this review, the Consumer Protection Code 2025, was published in March by the Central Bank. The revised Code will take effect on the 24th of March 2026, following a 12-month implementation period. The revised Code addresses several recommendations made in the Retail Banking Review.

In line with such recommendations, the Department of Finance continues to work with other Government Departments and the Strategic Banking Corporation of Ireland (SBCI), to identify SME credit market failures or gaps and to develop risk sharing schemes to address them. This is in line with the SBCI’s ongoing mission to deliver financial supports to Irish SMEs that address failures in the Irish credit market while driving competition in the lending market.

The SBCI achieves this via a variety of schemes, through which they partner with lenders from the financial services industry; thereby encouraging competition in the banking sector and providing lower-cost lending to SMEs to an extent and scale that would not be possible without the SBCI intervention.

In line with the Retail Banking Review's recommendation, Ireland’s first National Financial Literacy Strategy was published in February of this year. The Strategy is based on evidence set out in the Mapping Report for the development of a Financial Literacy Strategy, published in April 2024.

Officials in my Department worked closely with the Competition and Consumer Protection Commission (CCPC) and the Central Bank of Ireland (Central Bank) to develop the Financial Literacy Strategy. Extensive stakeholder engagement took place across a range of public and private sector organisations, including educators, the financial services industry, civil society and Government Departments and Agencies.

A further recommendation of the Retail Banking Review was the preparation of a new payment strategy, to ensure that consumers have access to the services they require in the future. The National Payment Strategy (NPS) was launched on 15 October 2024 and contains 16 future outcomes (recommendations) in areas such as cash, resilience of payments, payment fraud, account-to-account payments, and data collection initiatives. There are 26 actions underlying the 16 future outcomes, and owners have been assigned that are responsible for the implementation of each action.

The NPS recommends cash acceptance (or cash facilitation) in the public sector where a public body levies fines or fees, or where it provides goods or services for a charge. The NPS actions all Government departments and bodies under their aegis to accept a range of electronic and non-electronic payments, including cash, and where a body cannot accept cash directly it must immediately make arrangements for the facilitation of cash payments.

Any future contracts to be agreed between Government departments and bodies under their aegis with third parties, which involves seeking payment from the public, must also include a cash acceptance or facilitation element. Therefore, future contracts can no longer include a ‘no cash’ clause.

The Retail Banking Review recommended that my Department consider the issue of resolving long term mortgage arrears. In October 2023 a Mortgage Arrears Group was set up with members from various Government Departments and Agencies. The Mortgage Arrears Group produced a report which set out a number of recommendations identifying the need for coordinated and focused engagement on the legacy of distressed mortgage accounts.