Oireachtas Joint and Select Committees

Tuesday, 23 October 2018

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach

Report on Local Public Banking: Discussion

1:30 pm

Photo of Kieran O'DonnellKieran O'Donnell (Fine Gael)
Link to this: Individually | In context | Oireachtas source

I am aware of all of that. I am zoning in and looking at the credit union movement which has enormous trustworthiness with the public. Some of the credit unions got into trouble but came through relatively unscathed. They are based in every town and rural area in Ireland. They have resources and have €7 billion on deposit with the mainstream banks. I believe there is a need for competition. The regulator will take the view on Sparkassen in Germany that they put the other banks under unnecessary pressure, Deutsche Bank being one of those. I am aware of that. I will not have this perfect but I am not coming back to Sparkassen with rose-tinted glasses.