Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

The amendment seeks to require the Central Bank to consult with the Competition Authority and the National Competitiveness Council on the impact of the proposed regulations affecting the pillar banks on the non-banking economy. Section 49 already allows for the Central Bank to consult any entity it considers appropriate so the consultation envisaged by the Senator is already allowed for in the Bill. On that basis, I do not propose to accept the amendment.

On the broader issue of the pillar banks, in the medium to longer term, having more active banks engaged in lending and other banking activity would be desirable but in the current environment there is little that can be done about the reluctance of foreign banks to expand their business in Ireland at this time. Stabilising the economy and growing employment is the best way to encourage banks to reactivate their interest in this country.