asked the Minister for Finance if the completion of the EC Internal Market in 1992 will expose the Irish banks to full international competition; and the steps he is taking to allow the Irish banks to compete on equal footing with their European counterparts and to reduce their vulnerability on takeover bids.
Written Answers. - Irish Banking International Opportunities.
58.
Irish banks already compete in international markets in many aspects of their business. The completion of the internal market in 1992 will present both opportunities and challenges to the banking sector. The Government have sought to encourage the development of the financial sector generally through initiatives such as the International Financial Services Centre.
In so far as take-overs of banks is concerned, I would refer the Deputy to the proposals in this regard in Chapter VI of the Central Bank Bill, 1988, which has been recently published.