To ask the Minister for the Economy for her assessment of (i) the potential impact on customers, particularly older customers and those living in more rural areas, of the closure of more than half of the high street banks over the past 10 years; and (ii) the wider ramifications for town centres and high streets of the closures.

My Department does not have direct responsibility for banks in Northern Ireland, as the regulation of financial services is a reserved matter. However, the Consumer Council for Northern Ireland (CCNI), one of my Department’s Non- Departmental Public Bodies, provides advice on consumer matters, including banking services. The closure of bank branches across Northern Ireland will impact on consumers who rely on accessing banking services and using cash. Research conducted for CCNI in November 2020 indicated that cash was the second highest form of day-to-day payment method for one-third of consumers, rising to half of older participants, aged 65 and over. The Post Office provides access to banking services for consumers through its Banking Framework Agreement. This includes the customers of the four main banks in Northern Ireland - Bank of Ireland, Ulster Bank, Danske and AIB. The Post Office network has 480 branches throughout Northern Ireland, providing valuable access to banking services and cash in rural areas. CCNI supports LINK’s Financial Inclusion Programme which works to provide free-to-use cash machines in rural and deprived areas. Of the 1,800 LINK ATMs in Northern Ireland, LINK subsidises over 230 free ATMs which are located further than 1km from an alternative. The CCNI Coronavirus: Impact on Personal Finances webpage includes useful information on Access to Cash for Vulnerable People and Alternative Ways to Pay for Things. The continued implementation of the Covid-19 public health restrictions, closure of non-essential retail and the ‘stay at home’ health messaging has meant that it has not yet been possible to implement the High Street Stimulus Scheme. The focus of this scheme is to provide much needed economic stimulation for our local high streets. I remain supportive of the policy intervention and intend to put forward a bid to the Executive to implement the scheme in 2021/22.