asked the Minister for Communications his views on the proposals by An Post to establish a bank and to commence banking operations; if he approves of the principle of a semi-State company entering into competition with the private sector; and if he will make a statement on the matter.
Written Answers. - An Post Banking Service.
17.
Under Section 67 of the Postal and Telecommunications Services Act, 1983, An Post may, after consultation with the Minister for Communications and as authorised by order of the Minister for Finance made after consultation with the Central Bank, provide banking services.
An Post already operate the Post Office Savings Bank on behalf of the Minister for Finance and have submitted a proposal for the expansion of banking business centred on a revitalised and restructured savings bank. As the proposal would involve significant capital investment over a five year period it is at present the subject of a detailed financial appraisal by my Department. In the light of the results of this appraisal I will convey my views on the proposal to the Minister for Finance on whom the decision as to whether the proposal should be authorised will rest.