asked the Minister for Finance whether it is considered desirable in the public interest, and in accordance with Government policy, that a large proportion of banking concerns, with branches in Dublin and provincial centres in Ireland, should have their headquarters in London and be controlled from a centre outside the jurisdiction of the State.
Ceisteanna—Questions. Oral Answers. - Headquarters of Irish Banks.
In reply to a similar question by Deputy Sir John Esmonde on 28th July, 1948, it was indicated that the historical development of Irish banking has created a special position as regards the extent to which banks with their headquarters here carry on business outside the present jurisdiction and vice versa. In a recent instance, the headquarters of a bank operating here was transferred from London to Dublin, and the present position is that out of a total of nine banks operating here only three have their headquarters outside the State. The operations of all banks within the present jurisdiction are subject to the banking laws of the State.
Is the Parliamentary Secretary aware that sub-Article 2 of Article 45 of the Constitution states that the credit system of the State should be operated for the welfare of the people as a whole? How does the Parliamentary Secretary reconcile that Article of the Constitution with the fact that, out of 560 offices held by banks in this country, over 260 are controlled from England? Surely the time has arrived in this country to see that the control of credit is exercised from within the State and not outside the State?
I shall bring notice of that Article of the Constitution plus the Deputy's speech to the Minister.