Simon Coveney (Cork South Central, Fine Gael) | Oireachtas source

The important thing to recognise is that the European Investment Bank is not a retail bank. It operates through other banks or registered financial managers. There are a number of examples of this. For example, it funds social housing through the Housing Finance Agency and it has funded an interesting loan programme linked to the dairy industry through a structure that Glanbia set up. It is also funding small business investment through pillar banks in Ireland. There are models that work. It is important that we use the existing retail banking infrastructure where possible rather than looking at trying to reinvent what can and should be provided through pillar banks.

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