Thomas Pringle TD
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Question on Standard Bank Account roll-out

QUESTION NO: 221

DÁIL QUESTION addressed to the Minister for Finance (Deputy Michael Noonan)
by Deputy Thomas Pringle
for WRITTEN ANSWER on 25/02/2014
To ask the Minister for Finance the progress made to date on the roll-out of the standard bank account; the extent of involvement of An Post in same; and if he will make a statement on the matter.

REPLY.
The Report on the Pilot project on the Standard Bank Account was published on my Department’s website on 10 January last. The Pilot Project involved the 3 Irish retail banks – Allied Irish Banks, Bank of Ireland and permanent tsb. It is intended that those institutions will be involved in the roll out of the Standard Bank Account.  It will not necessarily be the case that the next phase of work on the Standard Bank account will be limited to these institutions and more extensive participation would be welcome to ensure that the broadest possible reach to the financially excluded can be achieved.

The Financial Inclusion Working Group, chaired by my Department includes An Post together with stakeholders from other Government Departments, the Central Bank of Ireland, retail banks, the National Consumer Agency and voluntary sector organisations. The Report of the Working Group on the Pilot project noted the view of stakeholders that one of the key elements required as part of the preparations for a successful national roll-out of a Standard Bank Account is greater involvement by An Post and the credit unions.  This was seen as necessary to have the best possible channel for reaching the target cohorts. The Report also noted that barriers of existing infrastructure such as access to the clearing system had prohibited their more extensive involvement to date.  My Department is currently engaged in a series of bilateral discussions with the stakeholders in order to best determine next steps following the pilot.  The role of An Post is one of the issues which will be dealt with as part of this process.

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