Catherine Murphy
Ceist:32. Deputy Catherine Murphy asked the Minister for Finance if he and or his officials have developed any plans to launch a State-owned building society. [34831/22]
Amharc ar fhreagraWednesday, 29 June 2022
Ceisteanna (32)
Freagraí scríofa
Neither I, as Minister for Finance, nor my Department have any plans for a State-owned building society.
The Irish retail banking system is relatively concentrated by international standards and the recent decisions by some banks to leave the Irish market will further impact on this. However it should also be noted that some new lenders have entered the market and are playing a greater role in the provision of new services.
More generally, it is likely that increased competition in the provision of financial services globally will take place and that this will have an influence in Ireland with potential new entrants to the deposit-taking, credit and payments markets for households and businesses.
The European Union’s initiatives in the context of the Capital Markets Union, which aim to improve the provision of financial services across borders within the Union, also has the potential to further improve levels of choice regarding savings and investments for consumers, and to improve access to finance for businesses in the Irish economy. Further, the scope for provision of services within the Union will be enhanced by the adoption of digital financial technologies already underway.
However, I fully appreciate that enhanced sustainable competition in the credit and banking market more generally will be of benefit to consumers and other borrowers. Accordingly, the review of the retail banking market which is underway in my Department will assess various aspects of the banking market and will consider options to encourage greater competition in the credit and banking market, including possible options to develop the mortgage market.