Martin Kenny (Sligo-Leitrim, Sinn Fein) | Oireachtas source

The fear people have is that the other stakeholders are, in the main, the big banks. One of the problems we have in this country is the influence of the main financial services providers. They are a major influence in stopping anybody else from coming into the market. People are fearful that the Department of Finance is somehow or other being influenced by those who are on the field and who want to ensure that no one else gets onto it. I trust that the Minister is doing the right thing and I hope we will see a result soon. I hope that not only will the report published but that a pilot using this model will be rolled out, first of all in the midlands before being extended to eight regions around the country. That has to happen before the end of the year. That is how urgent this is. In particular with Brexit coming at them, businesses cannot continue to survive if they are dependent on the mainstream banks which are not functioning for them, as the Minister has acknowledged. Let us put this in place. Let us give a commitment that the Government will ensure that this model is in place before the end of 2018.

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