The Division of Finance is near finishing the primary part of its retail banking assessment with a survey into shopper attitudes in the direction of the sector.
he in-person survey, which is being performed by market analysis agency Behaviour and Attitudes, is wrapping up on the finish of the month, with the outcomes being offered to officers in April.
The interview-based analysis has been going down within the subject since January and is supposed to determine shopper experiences and perceptions of the banking sector in Eire.
In was commissioned after officers decided that public engagement with stakeholders was a “important subject”.
The survey is a part of a wide-ranging take a look at retail banking introduced by Finance Minister Paschal Donohoe in November, on the finish of essentially the most dramatic 12 months within the sector because the monetary disaster.
The long-awaited assessment, which was first mooted by the minister in July, is predicted to deal with the shortage of competitors and availability of credit score as Ulster Financial institution and KBC go away the market.
In response to the phrases of reference, it is going to cowl a variety of key points dealing with Eire’s banks, together with the State’s shareholding within the three remaining banks – AIB, Financial institution of Eire and Everlasting TSB.
Officers are additionally trying broadly on the construction of the sector and contemplating whether or not the expansion of non-bank lenders and fintech firms like Revolut may also help deal with gaps in SME lending and the mortgage market.
The work is essentially being carried out by division officers fairly than exterior consultants and can rely closely on complementary assessments being carried out by the Central Financial institution.
The Central Financial institution is in the course of reviewing the Shopper Safety Code and the mortgage measures framework, whereas persevering with its ongoing evaluation of distressed debt and non-bank monetary intermediation.
It additionally understood that the Division could pull in sources from the Competitors and Shopper Safety Fee, which is at the moment reviewing proposals by the three remaining home banks to amass giant portfolios of belongings from Ulster Financial institution and KBC.
The Nationwide Treasury Administration Company, which manages the State financial institution shareholdings, can be concerned via its participation within the division’s Monetary Stability Group.
A ultimate report is predicted by the tip of the 12 months.