asked the Minister for Finance whether he considers it in the national interest that the Northern Bank and the Ulster Bank with about 150 branches in the State should be owned by British, London-based banking interests.
Ceisteanna—Questions. Oral Answers. - Ownership of Banks.
8.
I have no reason to believe that the business of either the Northern Bank, Ltd., or the Ulster Bank, Ltd., is conducted otherwise than in accordance with the national interest.
Is the Minister aware that many people are concerned that banking and financial policy may be controlled by institutions which are non-Irish and that the more Irish banking interests become controlled by foreign-based concerns, the greater is the likelihood that we will lose our economic independence?
I agree generally with the sentiments expressed by the Deputy and I assure him it is the Government's policy to have Irish banking interests consistent with the national interests and any assistance I can give as Minister for Finance to achieve that position will be readily given.
9.
asked the Minister for Finance whether he has been consulted with regard to the talks between the Bank of Ireland, the National Bank and the National Commercial Bank of Scotland which it has been announced could lead to a strong and close association between those banks; if he is satisfied that such association would be in the national interest; and if he will make a statement on the matter.
I have been kept informed of the general trend of the talks between the Bank of Ireland, the National Bank, Ltd., and the National Commercial Bank of Scotland, Ltd., and, while I cannot express any final view on the proposals until all the details are available, I see no ground for anticipating that the national interest will be adversely affected.
In view of the fact that Government funds are held in the Bank of Ireland, would the Minister not be concerned if such an amalgamation took place?
If the amalgamation were to strengthen the Bank of Ireland and its activities here in the national interest, naturally that is something I should approve. I want to assure the Deputy I have every confidence in the present Governor and the members of his board that anything they will do in this connection will be in the national interest.