Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

Three years ago, the banks were insolvent and an enormous amount of State funds had to be injected into them. Since then, the banking industry, particularly the banks the Deputy mentioned, have improved and secured their positions. However, the banking system is still in difficulty and is not operating like a mature banking system in a European country. The repair work continues, and they are doing well and providing much of the lending necessary. Competition is the best solution to the problems the Deputy has outlined. Now that there is banking union across the European Community, we encourage banks from abroad to establish branches here to increase competition in the banking sector. This is the only way to drive down interest rates.

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