Oireachtas Joint and Select Committees
Thursday, 12 October 2017
Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach
Banking Sector in Ireland (Resumed): Savings Banks Foundation for International Cooperation, Irish Rural Link and Public Banking Forum of Ireland
9:30 am
Mr. Niclaus Bergmann:
We use the profits in two ways. One way is to strengthen the capital because the only capital we have is retained earnings so we have to put aside some of the profits for that. The rest goes to the owner, the local municipality, which can only use these funds for social purposes. This is written down in Sparkassen law.
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