Bertie Ahern (Dublin Central, Fianna Fail)

Deputy Rabbitte knows I do not write the headlines. I was addressing the IFSC banks creating that competition, rather than Allied Irish Bank and Bank of Ireland only. The broad international bank sector is bringing quality employment here. I have no argument with the agency's assertion that our main commercial banks should, along with making profits internationally and at home, give value for money and charge us only what is absolutely necessary. Without mentioning names, many of the bigger banks which we have brought to Ireland in recent years are helping to drive that competition.

The levy was applied for a period under an agreement by the former Minister for Finance, Mr. McCreevy, and the banking sector. The current Minister for Finance, Deputy Cowen, is taking another initiative to which I hope the banks will fully contribute. The initial levy was an arrangement made for a fixed period, which is finished. It has its own difficulties but the newly-announced initiative will help. What the Competition Authority says, what the financial regulator says and what the Central Bank does in making sure we have good functioning, good governance and a competitive industry should be supported.

I pointed out our involvement in a reassessment of the strategies for the international banks which will be ready in the middle of the summer. It has been focused on my Department and will hopefully drive more progress in the industry. It is not just a question of bottom line profits. The banking industry gives a great deal of quality employment. It should stick by good business practice and charge accordingly, but most of my comments on the day were focused on the international banks.

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