Malcolm Byrne (Fianna Fail) | Oireachtas source

I agree with the Minister of State that consumers are voting with their wallets, so to speak, and moving on to new products such as Revolut and N26. They are moving into new areas of fintech. If he talks to any of the fintech companies, he will find that they do not feel that they are getting a level playing field from the Central Bank. The Central Bank obviously has to protect the consumer, but one of the best ways it can protect the consumer is by ensuring that there is competition between traditional retail banks and some of the new companies. There also needs to be collaboration in those sectors. The ultimate test is from the perspective of the consumer, and whether the consumer feels there is real competition in the Irish banking financial services and insurance sector. The answer is "No".

I appreciate the Minister of State's point about the CCPC. Some of the roles there need to be clarified. Very clearly, the Central Bank needs to take a greater role in ensuring that we have a competitive banking and financial services market in Ireland.