Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

PTSB's one does not even exist. It is just a theory, at the minute, that was struck down by the competition authority. Can Mr. Farrell explain the differences between what PTSB and other banks are planning and the European system. Do not tell me that it can do person-to-person payments, because that already exists in Europe, which all banks in Europe can opt into. It allows money to be sent from Germany to France, or wherever. The banks here are creating one system for Irish banking, which is not good because we want new competitors and there is already the issue with Insurance Ireland in terms of the commission's findings about cartel-like activities. What is the difference? Why do we not sign up to SEPA instant instead of creating something different? What is it that SEPA instant does not provide, which PTSB and the other banks want to provide to customers here?