Sean Barrett (Independent) | Oireachtas source

I move amendment No. 20:

In page 44, subsection (1), between lines 4 and 5, to insert the following:“(c) in the case of the so-called pillar banks shall consult with the Competition Authority and the National Competitiveness Council on the impact of the proposed regulations on the non-banking economy,”.

The section in the Bill provides that the Central Bank "may consult with such other persons as the Bank considers appropriate to consult in the circumstances" before making regulations. I am worried about the pillar bank situation. It could turn into a duopoly and there is a danger that Ulster Bank is in such dire straits that it may withdraw. We have seen reports that Mr. Cameron could make that decision. There is an offer to take it over, which I would recommend against. When the Central Bank is having these discussions, we want to ensure that we discuss competition issues and competitiveness. I am worried that sectors seem to be able to opt out of competition law that applies to other people.

People have serious worries about the banks. We need extra protections for consumers against the activities of the pillar banks and the extent to which they may collude. Bank charges are always a hotly discussed topic. Providing for the views from the Competition Authority on whether the sector is competitive and how it affects the overall competitiveness of the economy may be a belt and braces approach but, given the sector's track record, the more we take the belt and braces approach, the better. It is having a serious impact on the non-banking economy. Using the American terminology for the Irish case, Wall Street is completely dominating Main Street and is making life miserable for people on Main Street. I would like that protection to be considered.