asked the Minister for Finance whether any machinery has been created in his Department to supervise or otherwise take cognisance of the restrictions placed by the banks and private firms on the issue of credit for commercial transactions and, if so, whether he will indicate the character of such machinery and the extent of its contact with the banks and other firms.
Ceisteanna—Questions. Oral Answers. - Machinery for Supervising Issue of Credits.
While no special machinery has been created, the Department of Finance has been in touch since the outbreak of war with the Irish Banks' Standing Committee and has received assurances that there has been no undue restriction of credit facilities for commercial transactions by the banks. The Deputy will, of course, realise that the banks in the exercise of their discretion must have regard to the fact that the granting of credit is one of their main sources of income. As regards private firms, the extent to which they can reduce credit facilities to their customers is, of course, conditioned by considerations of competition with their trade rivals, and I do not feel called upon to interfere unless evidence of widespread restriction were forthcoming.
Does the Minister refer to their trading rivals within the State or without the State?
Within the State.
Where are they?
The Deputy must know that people change their banking accounts sometimes very often. There is competition. The Deputy may not be aware of it, being a man whose account is always in credit and so it may not have come under his notice.
We all know how keen that competition is.