Brian Lenihan Jnr (Dublin West, Fianna Fail)

It is a good example because it was not a member of the eurozone. The more direct and immediate competition here has been provided by institutions in member states, in respect of deposits and risky lending. Leaving aside Anglo Irish Bank because it was not a domestic mortgage lender, although I understand why the Deputy likes to dwell on it, when one looks at the history of events in the domestic mortgage market, it is clear that the pressure for risky lending came from overseas institutions that established here. The Irish institutions had to respond to the competitive pressure. A similar difficulty can develop on the deposit side. While this section will be valuable in giving me a power to put some limit on this, on the advice of the Central Bank, I am a passionate believer in European regulation. If we have a wider marketplace, the wider marketplace must be regulated. It cannot be regulated on a national basis.

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