Dáil Éireann Debate, Wednesday - 20 April 2011
72 Deputy Robert Dowds asked the Minister for Finance in view of the fact that it is likely that in the near future there will be no building societies operating here, if he will ensure that there is diversity in the newly restructured Irish retail financial service sector by using his golden share to convert one of the two new pillar banks into a building society, co-operative bank or other mutual entity. [8681/11]
View answerAs the Deputy is aware, on 31 March 2011, I announced a radical restructuring of the Irish banking system. This new domestic banking system will have two universal full-service banks as its core pillars, serving the Irish economy and the Irish people. This restructuring process will, over time, return the banking system to long-term viability and profitability. Key objectives which I have set for the process are to provide a secure financial system for deposits and ensure the flow of credit to Irish consumers and businesses, to ensure the Irish banks are viable financial institutions which can fund themselves without continued support from the State or the ECB and eventually, to dispose of the State's shareholdings in these institutions to the benefit of the Exchequer. The future strategic direction of the banking sector — including the legal form of the banks — will be guided by a range of factors including the maximisation of the return to the taxpayer from the necessary intervention by the State in the current banking crisis.
