Vol. 478 No. 6
35 Mr. Callely asked the Minister for Finance his views on whether this Government has failed in commitment No. 26 in A Government of Renewal in respect of the promotion of a vigorous third banking force; and if he will make a statement on the matter. [11713/97]
This Government is committed to achieving its policy objectives in a manner which takes account of evolving developments within the marketplace. The proposal in relation to the third banking force contained in the programme A Government of Renewal arose out of legitimate concerns about the level of competition within the Irish retail banking market and problems regarding access to finance and other banking services. In this respect, much progress has been made by the Government over the past few years in opening up this market, in reducing barriers and in creating greater competition generally, in particular, through the Consumer Credit Act, 1995, the Competition (Amendment) Act, 1996, the Central Bank Act, 1997 and the introduction of the Credit Union Bill into this House.
Regarding the future structure of the State banks and the TSB, the dynamic and changing environment in the retail banking sector has obviously had a major impact on our consideration of the future of the State banking sector. There are a number of options available, each of which would have varying impacts on competition, employment and the delivery of cost-effective, customer-based services. This complex matter is still under consideration and, at this time, no final decision has been reached on a preferred option.
