It is very regrettable Ulster Bank and KBC Bank will be exiting the market. Traditionally, Ulster Bank had a very significant presence in the Border region. I know of many families, individuals and businesses in Cavan-Monaghan that are very concerned about the loss of banking services. This is by far the biggest logistical challenge for Irish banking since the introduction of the euro as there are 960,000 Ulster Bank accounts and 300,000 KBC accounts in the State. The backdrop to this is one of significant branch closures over the last decade and recent reduction of personnel through redundancy and non-replacement of retiring staff. This means there is huge potential for disruption and so much additional pressure on bank employees. There is a narrative out there about regular contact with key stakeholders, including the Central Bank, the Competition and Consumer Protection Commission and the Banking & Payments Federation Ireland. An unacceptable omission there is the Financial Services Union, FSU, which is the representative body for bank employees. It is a key stakeholder. I ask the Government and Department of Finance to use their influence with the Central Bank to ensure the FSU is at all the relevant negotiations. I am aware the Central Bank is convening talks later this month with the five banks. The FSU, as representative of the employees, should be present at all negotiations critical for a smooth transition during the exit of these banks from the State.

I thank the Deputy for his comprehensive presentation. The Minister, Deputy Donohoe, and his officials are engaging with the banks that have indicated their intentions to leave the market, in particular, KBC and Ulster Bank. They have recently confirmed they will provide their customers with six months' notice to close their accounts. The Minister and his officials are also engaging with Banking & Payments Federation Ireland to ensure the remaining banks are prepared to accept applications from customers who are switching from the closing banks. As the Deputy said, on 27 April the Central Bank issued so-called "dear CEO" letters to the five retail banks and to the largest financial services direct debit originators setting out the regulator's expectations and the requirement for a customer-focused approach. On 17 May the Central Bank will meet the leaders of the retail banks at a round-table meeting to discuss their readiness for the migration of accounts from both Ulster Bank and KBC and to ensure all parties prioritise the interests of customers and prospective customers throughout the unprecedented volume of account migration.

I will certainly convey to the Minister the Deputy's point on the FSU being a key stakeholder. We will also be insisting the consumer protection code 2012 is adhered to in all aspects and that the code of conduct on the switching of payment accounts with payment service providers is in place to support customers.