Paschal Donohoe (Dublin Central, Fine Gael)
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The record will show that I said it is a contributory factor. I now use this opportunity to talk about the other contributory factors. As one compares our interest rate which those of some of the economies to which the Deputy has referred, one finds that some have levels of non-performing loans that are also very high. They are not as high as in the Irish economy by any stretch but I am simply making the point that this is a contributory factor.

On the Deputy's question about what I believe are the other contributory factors, the first is the fact that we still have a quite concentrated banking sector. We have four main banks that are competing with one another. Clearly, anything that brings more competition into the banking sector offers the ability for interest rates to come down. I am considering what kind of policy environment will attract the new FinTech players that are coming into Ireland and establishing across Europe but that do not lend through the banks we have. I meet representatives of the banks every three to four months. At each of the meetings I have with them, I review our position and talk to them about the current interest rates and what we can do to encourage more competition.