Pearse Doherty (Donegal South West, Sinn Fein) | Oireachtas source

I thank the Minister for his comprehensive reply. What he said was quite interesting. I am aware that things move on, but prior to the election it was a major plank of the Labour Party's manifesto in particular that a strategic investment bank would be established, and this was negotiated into the programme for Government. The Minister is now telling us there is no guarantee that it will be established and that he will examine the issue when the fund is up and running.

There is a need for investment in the real economy. We can talk about the fund all we want, but it was promised more than two years ago and we still have not seen its establishment.

We have not seen any programme or direction to lead us towards a strategic investment bank. Has the Minister examined the role of the existing State banks in lending into the real economy, particularly Permanent TSB and AIB? What role do they have in the long term? Will the legislation committed to by the Government in terms of the bail-in and the burning of senior bondholders required before the stress tests take place next year have any impact in attracting foreign banks to the State? Could the confusion and lack of clarity as to what the legislation will contain have led to banks taking the decision to move back within their national borders?

See this speech in context