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

As the Deputy is aware, when my predecessor, the late Brian Lenihan, brought the banks into public ownership, there were arrangements, agreements and legal contracts signed to the effect that the Department of Finance and the Minister would not interfere in the commercial affairs of the banks. He was absolutely right to do so and I have followed these rules. We do not interfere in what are considered to be the commercial considerations of banks. The new strategic investment bank will operate and develop products independently. Retail banks will be used as gateways to deliver money to businesses, but the bank will be independent in the exercise of its functions. There will be announcements in that regard very shortly and Deputies will be happy with the details.

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