Mr. Seamus Maye:

I will answer Deputies Sherlock and Doherty.

Deputy Doherty mentioned the report which referred to niche markets and gaps in markets. We must be very clear that the public banking forum's proposal was for an all-encompassing full banking service model that would, on the one hand, compete with the commercial pillar banks and, on the other, provide a long-term sustainable platform for the survival and growth of credit unions, post offices and the indigenous economy. We expect the report to refer to niche markets because the Department is all about protecting the banking oligopoly.

We are very similar in what we are proposing, that is, eight or ten banks throughout the country. Each and every part of the country must be serviced and needs a public banking service; therefore, it is a nationwide matter, although I think a pilot scheme, perhaps in the midlands to start with, was mentioned.

The representative bodies are going to speak about regulation. It is clear that the rules and regulations that have been applied to credit unions during the years are in breach of competition law because they discriminate against credit unions in favour of banks. They apply dissimilar conditions to similar transactions but dress them up as something else. I see that the Central Bank seems to be modifying its stance in that regard but it ought to be. It has a lot more to do.