Brendan Griffin
Question:56 Deputy Brendan Griffin asked the Minister for Finance the steps he will take to encourage new banks to enter the banking market here; and if he will make a statement on the matter. [4501/12]
View answerThursday, 26 January 2012
Questions (59)
Written answers
As I outlined previous in answers to Parliamentary Questions (22113/11 and 22117/11), the basis for stabilization of the Irish banking market is contained in my Statement on Banking of 31 March, 2011, where I set out Government policy in relation to the matters the Deputy has raised. A fundamental element of Government Strategy has been to restore a functioning banking system and the Government has made particular commitments to recapitalising the banks and restructuring the banking sector as part of its Programme for Government.
This radical restructuring of the banking system is designed to put our banking system on a firm footing which is essential to Ireland's economic recovery. The continuing positive reviews delivered by the Troika, as well as further technical discussions reinforces the direction of the Banking Policy and allows us to continue on the path to stability and economic growth in core businesses based on a sound and well capitalised banking system with two pillar institutions.
While there are, at present, a number of foreign owned entities that operate within the Irish banking market, I would welcome further interest that foreign entities may have in entering the Irish market. This interest will continue to grow as the economy recovers and banking returns to viability.