Ivana Bacik (Dublin Bay South, Labour) | Oireachtas source

I thank the Acting Chair for his forbearance.

There is a severe lack of competition in parts of the Irish banking sector. While new fintech platforms like Revolut have mounted a challenge to the existing banks, there has been a concentration of power in the hands of fewer big banks in respect of areas like mortgages and business lending. This is a concern. There are also serious concerns about interest rates on mortgages for those whose loans were sold to vulture funds. My colleague, Deputy Nash, has proposed more powers for the Central Bank to regulate these. I ask that the Taoiseach consider them. I also ask that we explore the implementation of a Sparkasse-style public banking system using the remaining local financial services infrastructure. There has been a good deal of interest in the Sparkasse model from many community organisations. Has the Government plans to review the potential introduction of such a model?

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