Jennifer Carroll MacNeill (Dún Laoghaire, Fine Gael) | Oireachtas source

-----and criticise one way or the other. The State, as the Deputy knows, has had a long-term strategy to divest precisely for that broader reason of not being involved and to have a hands-off approach from the management. However, we have actually had very good success in reducing the shareholding and making sure we have tried to recover as much for the taxpayer as possible. The Deputy will be aware that on the Bank of Ireland piece, we actually took in €2 billion more in its management. To date, €23 billion out of a total of €29 billion that was originally invested has been recovered. Our current investments are valued at approximately €5 billion, leaving a gap of just €1.3 billion. Between the dividends we have received and the management and timing for the divestment, I believe that based on that trajectory and on that management we will over time recover that money.

While the Deputy is sitting there - as I said, it is easy to criticise from the side - she might do two things. First, she might reflect on the success we have had in terms of the management of the divestment. Second, I hope she will confirm that a Sinn Féin Minister for Finance would not get involved in the management of different companies, like she suggested, with regard to insurance. I am happy to stand and criticise the banks where appropriate, but the Government took a stake in the banks, which was not a decision any government would like to take at that time. However, it has managed its way out in a very careful way that will and has recovered money for the taxpayer in an appropriate way and will continue to do so.

I thank Deputies for the engagement today and for the report. It is extremely important. I wish to reassure colleagues that Department of Finance colleagues will continue to work alongside the retail banking sector and, crucially, colleagues in the Central Bank of Ireland and other Government Departments to make sure we are delivering a retail banking system that can support customers, SMEs and the economy and provide retail banking products and services efficiently and competitively for consumers.

The 2022 banking review recommendations I highlighted in my opening contribution are targeted to achieve just that and deliver the best outcome for our citizens and economy. Overwhelmingly, more than anything, the question of fairness raised by Deputy McGuinness and the balance in terms of representation for borrowers who are engaging and who are having difficulties and want to find solutions and structured ways out of the difficulties they are in is important. They must be respected and supported. Certainly, from the Government side, we are trying to do everything we can in that regard. I hope we will see further progress from the engagement by the Minister, Deputy McGrath, over the next period.

This is an important period in the banking landscape. We are a small economy. We need access to competitive banking services for the people of Ireland. I thank Deputy Conway-Walsh for acknowledging that the credit union has a greatly expanded role to play, but I am not sure that it will be enough. It is important to acknowledge that we see the beginning of further movement into the mortgage market. Forgive me that I do not have the name to hand at this moment.

Did an Cathaoirleach Gníomhach ring the bell by accident?

See this speech in context