Can a financial institution ask for my PPSN when I am opening a new account?

From 1st January 2009, financial institutions are  required to seek the PPSN of all persons opening a new account in accordance with the Return of Payments Regulations (S.I. No 136 of 2008). 

The Revenue Commissioners, following consultation with this Office, developed guidance in this area which is available on its website. These guidelines state that 'while there is a requirement in Regulation 7 (4)(a) to seek the tax reference number (including PPSN)', this does not equate to an obligation on the part of your bank to collect this information.  Account opening can proceed if a person does not provide their PPSN.  In addition, Regulation 7 (8) sets out that the PPSN can only be sought by the financial institution for the purposes of making the return to Revenue and for no other purpose.