John McGuinness (Carlow-Kilkenny, Fianna Fail) | Oireachtas source

I am extremely disappointed with the contributions of the Minister, Deputy Donohoe, and the Minister of State, Deputy Fleming. There has been no change in the policy of this Government towards the banks, the type of banks we want in our society and the issues raised here this evening by various Deputies. If we are to have a different landscape in terms of banking, then there must be discussion and firm debate on the issue. I asked the Taoiseach, the Fianna Fáil parliamentary party and Government Whip and I wrote to the Ceann Comhairle seeking a wide ranging debate on the issues such that questions could be addressed.

The Central Bank will appear before the finance committee next week and will tell us that, according to legislation, they cannot answer questions in regard to Davy. Will the Minister change that legislation and allow the Central Bank, following its investigation and imposition of a fine, to then issue a statement setting out why the fine was imposed, who was involved and what action is being taken? The public need to know if this matter is to be sent to the Garda for further investigation.

Ulster Bank was the tip of the iceberg. It closed 88 branches and did not discuss with its workforce what the consequences of that would be. The bank refused to engage with employees and with the Oireachtas committee and went ahead with what it was going to do anyway. Likewise, Bank of Ireland, under the cover of Covid, has announced the closure of some of its branches. We will discuss those closures with that bank at a later date, but I believe that Covid was used as a cover by Bank of Ireland. At the same time it announced the closures it also announced a partnership with the post office network. I have discussed that partnership with the post office network, all 890 of them. The figure they gave us for the value of the transactions would be roughly €1,000 to each of the 890 postmasters. This is not good enough. It is a way for Bank of Ireland to spin its way out of the closure of the branches.

I would like to see a change of policy and the putting in place of community-public banking. I would like to see the Government encourage that and make it possible through the post office network and the credit unions. I ask the Minister to explore that, as the finance committee did. Sparkassen Bank and Kiwibank are available to provide advice and help set up that type of banking system, to ensure it is at community level and to ensure that people and communities benefit from the profits rather than the profits going to shareholders like the big banks.

We are now in a duopoly. The Minister, in his contribution this evening, did not mention the vulture funds and the terrible destruction they have brought to Irish society, family businesses and farms. I know he will quote that the protections travel with the loan, but that is not the experience of those trying to save their livelihoods in the context of these banks. The receivers are acting almost without law and taking possession of properties. The owners of those properties lose contact with them and they do what they like. At the end of the day, they are accountable to nobody. Will the Minister, with the Tánaiste, bring about a situation where the receivers in this country are regulated and made to report to someone? Will he engage with Allied Irish Bank on the tied agents issue and EBS? Government is the biggest shareholder in that bank, which is blackguarding a whole group of people, as they are some of their customers? This has gone on with no resolution in sight. Will the Minister ask Davy to do more than apologise? It only apologised today on the Minister's intervention. A fine of €4.1 million was imposed. We need to know about it and the background to the sale and repurchase of the stockbrokers that is now being purchased by AIB.

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