Peadar Tóibín (Meath West, Aontú) | Oireachtas source

Mr. Sibley mentioned the entry of European competitors into the Irish market, which would be fantastically welcome. However, the three potential blocs within the financial system that could operate in competition more directly with the banks are An Post, a public banking system and even the credit union system. The barrier to those who wish to enter this market is, therefore, Government policy. I am sure there are regulatory constraints and that it might be difficult for some of these organisations to operate under their current structures. There is no public banking system here but, between An Post and the credit unions, surely if there were the policy will to develop An Post and the public banking system on the model of the Sparkasse system in Germany, for example, or to empower the credit unions to operate within that space, they could offer a significant competitive opportunity for people throughout the country.