Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

Ulster Bank is regulated by the Bank of England. In Ireland there is a regulatory function to cover it, but its primary regulator is the Bank of England and we must see what regulatory proposals come through from Mr. Carney and the Chancellor of the Exchequer.

We hope it will continue trading and providing credit North and South of the Border because it fulfils a very important function. It has serious problems, as do the banks in this jurisdiction.

The policy of the Government is that the banks will revert to private ownership in due course. The Government has no ambition to hold State banks indefinitely. The question of when portions of, or all of, the banks will be restored to private ownership depends on a pragmatic decision. Obviously, Bank of Ireland seems to be somewhat stronger than the others and only 15% of the ordinary equity in it is held by the State. It is already in private control. We will see; the intention is that if a sale takes place of all or part of the equity in the future, it will be used to reduce the level of debt.

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