Mairead Farrell (Galway West, Sinn Fein) | Oireachtas source

In recent months, two major banks have announced that they will pull out of the State. We have discussed our crisis in credit provision. We are all aware of the importance of credit in fuelling the engine of the economy. Having two major fuel sources leave will have an impact. There have also been discussions - I am not sure whether it was at this committee or the Joint Committee on Finance, Public Expenditure and Reform, and Taoiseach - on the role that the credit union sector will play. We have heard from the sector that it feels it is not able to use all of the resources that could be used. In recent months, we have heard growing talk of a State-owned lender or public bank. That would probably be a longer-term strategy. What are the Minister's views on same? What role can the credit union sector play in the here and now? Do some of the regulations need to be relaxed to give credit unions greater powers? Not only can credit unions play a strong role, but many of the bank branch closures are happening in more rural areas, meaning that a great deal of local knowledge is lost. That is concerning for local business people in particular. What role will the credit union sector play? I would also be interested in the Minister's views on a public bank.