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

The Central Bank and Mr. Sibley have reiterated a number of important points that I and the Central Bank have made. While recognising that these are commercial decisions in which we do not play a role, I want the rate of interest offered to existing mortgage holders in Ireland to become more competitive. In order for that to happen, other changes need to be made, particularly the level of non-performing loans in our country.

On the issue raised by Deputy Broughan regarding financial service providers in Ireland, as he will be aware, to provide a service in Ireland they need to be registered in Ireland. Any entity which is providing a service must be regulated by the Central Bank to ensure it is properly regulated. As to whether I believe our existing banks have the measure of this, yes, I believe so. Some important changes are happening in some banks in regard to the digital dimension of how they provide services. This is likely to require significant and further investment in the future from banks to make sure they have the IT systems that are capable of providing these kinds of services. Some of the companies to which Deputy Broughan referred have very low levels of staff.

See this speech in context