Sinn Féin calls on Finance Minister to clarify 'who knew what and when' about AIB's cashless plans 

Sinn Féin TD Mairéad Farrell says she has written to the Oireachtas Finance Committee requesting a meeting 'without delay'

Sinn Féin spokesperson on Finance, Pearse Doherty. Picture: Gareth Chaney/ Collins Photos

Sinn Féin has called on Finance Minister Paschal Donohoe to clarify whether or not he was aware of AIB's decision to make 70 of its branches cashless before the move was officially announced.

On Tuesday, citing decreased consumer demand, the bank announced that 70 of its 170 branches would become cashless.

It said that the expansion of cashless outlets would have freed up the branches in question for services such as opening new accounts, mortgages, loans, and financial planning.

However, amid widespread public and political backlash, the bank then reversed its decision on Friday.

In the wake of the initial announcement, Taoiseach Micheál Martin urged AIB to "reconsider" its position, and Fianna Fáil junior Minister Seán Fleming stated that the Government had been "totally blindsided" by the move.

Mr Fleming also said there was no opportunity in advance of the announcement to discuss the issue with the bank, and that Finance Minister Paschal Donohoe had only found out in the hours before the news first broke.

However, according to a report in the Irish Independent, Department of Finance officials were made aware of the AIB's cashless plans four working days before they were announced publicly by the bank.

This morning, Sinn Fein's finance spokesperson Pearse Doherty called on Mr Donohoe to clarify the timeline of events.

"Yesterday we were told the minister was blindsided by AIB's decision to remove banking services from communities across the State," he said.

Today we find out that the Department knew about the decision four days before it was announced. Why did he not oppose the move?

Mr Doherty said that the relationship framework between AIB and the State was "clear."

"If a decision by AIB is likely to create clear and significant reputational damage to the bank or the State, the bank needs to consult with or get the consent of the Finance Minister before it is taken," he said.

Minister for Finance, Paschal Donohoe. Picture: Gareth Chaney/ Collins Photos

"If AIB isn't clear on whether it needs Ministerial consent or to consult, it should seek informal confirmation. If the Minister doesn't respond within three days, AIB can proceed.

"It appears the Minister didn't respond, allowing AIB to proceed. The Minister needs to clarify."

Mr Doherty's party colleague Mairéad Farrell suggested the Oireachtas Finance Committee should meet to discuss the matter and establish "who knew what and when."

"The Department of Finance knew about this decision days before it became public and did nothing," she said.

“The government are majority shareholders in AIB and need to assert their role in ensuring banks serve communities.

"Despite the government’s assertion that they are powerless on these matters, there is a Relationship Framework in place, which allows for intervention."

Ms Farrell also said she had written to the other members of the committee requesting a meeting "without delay."