Oireachtas Joint and Select Committees

Tuesday, 23 October 2018

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach

Report on Local Public Banking: Discussion

1:30 pm

Mr. Seamus Maye:

I agree with everything Deputy Fitzmaurice said. For example, the Strategic Banking Corporation of Ireland raised €1.25 billion which came from KfW in Germany, the European Investment Bank and the Council of Europe Development Bank. When one particular submission said €170 million was required, however, the Department said it was ridiculous and that it could not come up with that much. Some of the other submissions did not look for money at all. Our submission, which was a substantial one, mentioned KfW, the EIB and so on. As far as we are concerned, the consultation group had made its decision before it started its work. We have to get real about this.

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