Michael Lowry (Tipperary, Independent) | Oireachtas source

The availability of and access to funding is crucial for small and medium sized businesses. The option of establishing a State-supported community bank should be reviewed. The post office network and the credit unions have the have the capacity and ability to bring financial services to the public. This community model works very successfully in Germany and other European countries. Pillar banks and community banks can co-exist in this market.

The departure of Ulster Bank has left the Irish consumer reliant on a duopoly. Ulster Bank holds approximately 20% of SME lending. We now know the Bank of Ireland and AIB are buying up its loan books. This will mean less competition for the consumer. Our economy needs a competitive edge within our banking system. Pillar bank monopoly will lead to restrictive and selective lending. It will facilitate higher loan charges and general manipulation of the consumer. Lack of competition in the financial sector will disadvantage business and enterprise and hold back our economy. I ask that this banking situation be reviewed. We should avail of the opportunity presented by Ulster Bank leaving-----

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