Peadar Tóibín (Meath West, Sinn Fein) | Oireachtas source

Credit is crucial as it is the lifeblood of rural enterprise.

We have had this huge problem with regard to credit in rural areas for many years. The commercial banks have been retreating from rural areas, purposely to retain their businesses in the large towns. They have been facilitated in doing this through the Government's creation of two pillar banks. Some 90% of business is done with the two pillar banks. The Government created an oligopoly whereby the banks can determine the level of service, the price of service and the location of service. We have huge opportunities with regard to the post offices, the credit unions and the public banking system, orSparkassen, but the Government has not acted on this in any way.

I have spoken to senior people within the regulation space in the credit unions in this country and they have said that the reason they are not given extra banking powers is because the Government does not believe in its ability to govern that extra strength. If that space does not exist, the logic is that the Government would create the supports necessary for the credit unions to fulfil it. The Sparkassen has massive space, about 40%, of this sector in Germany. It is illogical why it is not being used here.

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