Eoghan Murphy (Dublin South East, Fine Gael)
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Question 86: To ask the Minister for Finance if his attention has been drawn to any proposals to create a new Irish bank in order to increase competition within the banking sector. [22113/11]

Eoghan Murphy (Dublin South East, Fine Gael)
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Question 90: To ask the Minister for Finance if any strategies are in places to encourage foreign banks to open here. [22117/11]

Michael Noonan (Limerick City, Fine Gael)
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I propose to take Questions Nos. 86 and 90 together.

The Deputy will be aware of my Statement on Banking of 31 March 2011 where I set out Government policy in relation to the matters the Deputy has raised.

A fundamental element of Government Strategy has been to restore a functioning banking system and the Government has made particular commitments to recapitalising the banks and restructuring the banking sector as part of its Programme for Government. This radical restructuring of the banking system is designed to put our banking system on a firm footing which is essential to Ireland's economic recovery.

The recent positive review delivered by the Troika as well as the EBA stress test results for the two pillar banks reinforces that decision and puts us on the path to re-start stability and economic growth in core businesses based on a sound and well capitalised banking system with two pillar institutions.

While there are, at present, a number of foreign owned entities that operate within the Irish banking market and I would welcome further interest that foreign entities may have in entering the Irish market.