Kieran O'Donnell (Limerick City, Fine Gael)
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It is clear, from the way they are pricing, that we almost have a cartel in the first-time buyer market in banking. We do not appear to have effective competition. The Central Bank's role is to regulate banking. Professor Honohan said in a previous presentation that competition is not just about the number of banks in the market but also about the environment. How can we get to a point where we can bring competition into the market? First-time buyers as a group are having difficulties. A report released today by the NESC suggest that many people will be unable to own their own home, something to which many Irish people aspire. What can the Central Bank do, as the regulator, to create an environment in which the existing banks will start to compete with one another, which they are not doing at present, and new entrants will be encouraged to come into the market.