Dáil Éireann Debate, Tuesday - 24 January 2017
150. Deputy Pearse Doherty asked the Minister for Finance his views on the levels of competition in the retail banking sector here, the benefits it confers on customers and the creation and sustainment of good careers; his further views on the possible withdrawal of a bank (details supplied) from the market; the engagement his Department has had with this bank regarding its presence in the market here; and if he will make a statement on the matter. [3152/17]
View answerI am aware that an announcement will be made by the bank concerned next month in relation to its future plans in Ireland and I do appreciate that this is a cause of concern, particularly for customers and employees of the bank in question. However, this is ultimately a commercial decision for the management team and board of the bank, having due regard to their customers. This Government has put the right infrastructure in place to encourage the inflow of financial services firms through its IFS 2020 Strategy and the fact that all key economic indicators point to continued solid economic growth in Ireland should assist in this regard.
At his recent appearance before the Oireachtas Committee on Finance, Public Expenditure and Reform and Taoiseach, the Governor of the Central Bank said they were starting to see some signs of increased competition between banks and a strong desire from the banks to start to grow their loan books. Broadly speaking, I welcome these developments which should benefit consumers of financial products by offering more choices and better pricing.
