Paschal Donohoe (Dublin Central, Fine Gael) | Oireachtas source

What I do agree with the Deputy on is that we need more competition in Irish banking. The Government is very clear that we want to see very healthy competition between Irish and international banks within our jurisdiction to ensure that credit is offered at competitive prices to businesses, farmers and to small and large companies that need it. What I disagree strongly with the Deputy on is that this is the fault of the European Union. It appears to me that one of the reasons the European Union is in the difficulty it has been in is because it is blamed for issues that it has little to do with. We need to see more competition within our banking market. The Government is looking at all options for this. Alongside this, we are also supporting our pillar banks in putting in place measures that allow them to be able to make credit available to Irish companies at more competitive rates. This is why we have had intervention, for example, through the Ireland Strategic Investment Fund, ISIF, which has worked with Irish pillar banks to come up with models whereby the State can play a role in facilitating lower rates of interest to Irish companies that need credit to allow them to compete at home and abroad. That work is under way.

I have not seen the report that the Deputy has referred to, but I would be more than happy to have a look at it and see what considerations or recommendations might be implemented. We need more competition within our market and more banks that are able to compete to ensure that better services are offered to Irish consumers and companies.

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