Bernard Durkan
Question:231. Deputy Bernard J. Durkan asked the Minister for Finance if the role of the banks in this jurisdiction is being replaced by investments funds; and if he will make a statement on the matter. [46545/22]
View answerThursday, 22 September 2022
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Banks and investment funds both have a positive role to play in providing financial services within the economy and wider society and can complement each other in this regard.
Ireland, like our partners in the EU, will require significant funding into the future to address strategic priorities. In this regard the EU Capital Markets Union initiative - which aims to get investment and savings flowing across all member states for the benefit of citizens, businesses and investors - stresses the importance of additional and alternative funding opportunities within the EU. This greater diversification of financing sources will reduce the current level of reliance on bank funding, increase private risk sharing within the single market, and is intended to make the EU’s financial system more stable as a result, thereby unlocking additional funding for economic activity in Europe.