Marie Sherlock (Labour) | Oireachtas source

I thank the Irish Financial Services Union for the presentation and for attending today. I echo the Chairman's comments on Ulster Bank declining our invitation to be present here. It speaks volumes about that bank's willingness to engage. This seems to be confirmed by Mr. O'Connell's reports of how Ulster Bank has engaged with the Irish Financial Services Union in the process of cutting jobs and costs.

I welcome Mr. O'Connell's comments on the future direction of banking in Ireland. He noted that the Irish Financial Services Union will shortly publish a discussion paper on the establishment of a national banking forum. That would be very welcome. Does Mr. O'Connell have particular consumer protection powers in mind for the Central Bank? I am particularly thinking of Ulster Bank, which accounts for one eighth of all mortgages and one fifth of all loans to small and medium-sized enterprises, SMEs, in this country. If that loan book is sold to a vulture fund and Ulster Bank ends operations in this country, there will be a massive competition and consumer protection implications. Does Mr. O'Connell have specific ideas about consumer protection powers the Central Bank should have?