Mairead Farrell (Galway West, Sinn Fein)
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I know Mr. Butler has extensive experience of financial services and he has appeared before this committee to discuss general banking matters. My question is quite general. Ireland already had a concentrated banking sector before the exits of KBC and Ulster Bank were announced. The State has significant shareholdings in the remaining pillar banks, which I imagine could make it more difficult to attract other banks into the market. Other credit providers, including the credit union movement, have repeatedly told me they are finding it very difficult as a result of regulations and that they are slowly being starved out of existence. Economists, such as Jim Power, have proposed the prospect of a public-led bank, but the Government has been somewhat dismissive of that idea. Credit provision is a fundamental component of any economy. What recommendations would Mr. Butler make for what could be done here?