Michael McNamara (Clare, Independent) | Oireachtas source

The Minister has repeatedly stated that the banks are independent and he cannot determine what they do. NatWest Bank, the parent of Ulster Bank, has decided to leave the Irish market. Does section 10 of the Central Bank (Supervision and Enforcement) Act 2013 not allow the Government to set the parameters and conditions for banking in Ireland? Is that not the same power as the State, if not the Government directly, has in being able to set the parameters governing mobile phone providers in Ireland? A good job has not been done in that regard. We are repeatedly told that people are going online to do their banking, but telecommunications in large parts of County Clare are not adequate to allow online banking either through Internet or phone coverage. What is the role of section 10 of the Act?

We have such a credit union sector in Ireland. One of the problems I have been contacted about is that credit unions must hold their money in banks, which means they must suffer negative interest rates. Let us consider a situation where the regime, legal or otherwise, allowed the credit unions to invest in housing stock or put their money to use for social good, while also obtaining a dividend for doing so. This would be done in a context where the funds would be properly secured. I am not suggesting credit unions be allowed to give out money willy-nilly without proper security and repeat the mistakes of the past. Great scope exists to do something in that regard. I will leave some time for Deputy Fitzmaurice. I would appreciate if the Minister would answer those questions.

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