Willie Penrose (Longford-Westmeath, Labour) | Oireachtas source

I thank the Minister but I am deeply concerned by the obstinate view of the Department of Finance. The German model of public banking falls between the private commercial banks that we are used to in Ireland and the credit union movement. These banks would offer the same kinds of loans as commercial banks currently offer but with more favourable terms. Clearly, the banks are not nationalised like AIB. The public banking model has existed in Germany for over 200 years. The banks are municipally owned and are not for profit. The clear objective is lending into the regional economy. Such banks would fill the void that has clearly been left behind by the pillar banks, which, as the Minister is aware and has heard in recent pronouncements, are rapidly disengaging from rural Ireland. All they are interested in is more technology and removing the human face from banking. The poor unfortunate bank workers, tellers and others who are left behind are absolutely overloaded. It is a disgrace. One has only to see what Ms McDonagh of Bank of Ireland and others in AIB have been doing in recent weeks to realise this. The general public remains sceptical about the mainstream banks. How could it be any other way when the sole focus is bringing back the discredited bonus system?

The Minister now has a chance to give the pillar banks a right booting because that is what they deserve. They are deserting the ordinary people of this country. This is a chance for us to fill the void.

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