Terence Flanagan
Ceist:66. Deputy Terence Flanagan asked the Minister for Finance his plans to encourage a third pillar bank into the Irish market; and if he will make a statement on the matter. [11466/14]
Amharc ar fhreagraThursday, 6 March 2014
Ceisteanna (66)
Freagraí scríofa
Now that the Programme of Support is over, it has been succeeded by the Government's Medium Term Economic Strategy. One of the key planks of the MTES is making sufficient credit available and in this regard I am examining a whole series of options for both bank credit and non-bank credit.
In addition to the many initiatives relating to non-bank credit I would like to see more competition in the domestic banking system to provide the lending required for our growing economy. One option would be to continue to build up Permanent TSB, which has made considerable progress recently, particularly in new mortgage lending. I would also welcome the participation of foreign banks in Ireland, possibly by way of partnership with some of our domestic banks.
I have not yet formed a view on the structure of a banking system which would support the needs of the Irish economy, and this will require further evaluation over the coming months and years, as the State and the banks currently operating in Ireland normalise and put the legacy banking issues, which were the priority when I came into office, behind them.