Basic Payments Accounts in An Post

QUESTION NO:  130

DÁIL QUESTION addressed to the Minister for Finance (Deputy Michael Noonan)

by Deputy Thomas Pringle

for WRITTEN ANSWER on 28/04/2015

To ask the Minister for Finance the number of basic payment accounts that have been opened since the scheme was rolled out; if An Post has been included in the provision of the accounts; if an evaluation of the scheme has been carried out since its commencement; and if he will make a statement on the matter.

REPLY.

The Strategy for Financial Inclusion called for the nationwide launch of a Standard Bank Account as a first step in promoting Financial Inclusion. A pilot project for a Basic Bank Account was run, which finished on 31 March 2013 after a 9-month pilot period. A total of 205 accounts were opened during the Pilot, which the Financial Inclusion Working Group (FIWG) felt was disappointing.

The Report of the Working Group on the Pilot project noted a number of reasons for this, including the view of stakeholders that one of the key elements required for a successful national roll-out of a Standard Bank Account is greater involvement by An Post and the credit unions. My Department is currently exploring with the relevant stakeholders how to make progress on this issue.

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