Brian Cowen (Laois-Offaly, Fianna Fail)

The issue that will drive better value for money in the banking sector is more competition. We have already seen this in the new entrants coming into the market. On face to face banking and the demise of what the Deputy regards as the friendly atmosphere when one goes into a bank to borrow money, and being given it willingly at very benign rates, is not a vision I have from my first visit to a bank. The fact is that technology has overtaken events. The lessons of the last bank strike were that people did not need to go into the bank to do business. The ATM machine took away the basic leverage people understood existed in terms of industrial relations in the banking sector. This is why it differed so much from the previous bank strikes in the 1960s and 1970s. People just want to get their money. They do not necessarily need to have a cup of tea or coffee. Technology has taken over in the banking sector and financial services generally.

I do not share the Deputy's view on providing a State bank. I have too many priorities at the moment. A State bank that would not have profit as a motive would not last very long.

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