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

I note, in particular, the points that were made by Deputies Calleary and O'Callaghan. They raised the question of the seriousness of what it means for Ulster Bank to leave Ireland. I want to offer one key point for speakers to reflect on. Many here this evening are being critical of decisions that have been made by some banks as they look to make profit, or make profit in the future.

At the same time, the level of profit that was available in the Irish banking sector was not sufficient for a bank that has been present in Ireland for 160 years, and it has left. These issues are related and relevant when we are discussing what kind of banking sector we want and its future structure. A bank that has been present in Ireland for more than a century decided its ability to earn profit, of which we are critical at times for good reason, was not sufficient for it to want to stay here. I make that point while also acknowledging the issues that have been raised by many Deputies regarding the standards that banks have to meet, the role they play and what their withdrawal means for so many communities, but it is equally relevant to the challenge that we face regarding the future of banking.

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