Tommy Broughan (Dublin Bay North, Independent) | Oireachtas source

It is hard to believe the pillar banks regarding net interest margins because we are still paying among the highest interest rates in the European Union. Therefore, the Irish banking market should be very profitable. Obviously, major developments include FinTech and new structures from the European Union. With regard to Brexit, the financial services sector currently employs 40,000 to 45,000 people and we were told a lot of companies would come to Dublin, Cork and our other cities and build on the overall financial services sector. I understand we are the eighth largest provider of financial services in the European Union. It is depressing to read constant reports of people in the pillar banks being let go. We do not seem to have new structures to take advantage of the new directives from Europe.

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