The Ulster Bank abandoned approximately 1 million loyal customers. We have vulture funds, such as Lone Star Funds, Mars Capital Ireland and Start Mortgages ripping people off with ridiculous interest rates. Is it not time for a public not-for-profit banking system? Instead of selling off the remaining Government share in Permanent TSB and AIB, we should use those institutions, which we still control, to set up a not-for-profit public banking system that cares about the people of this country and its customers.

Notwithstanding good progress in reducing our shareholdings in the banking system and returning funds to the Exchequer, the State remains a majority shareholder in AIB, with a 53% stake, and in Permanent TSB, with a stake of approximately 62%. It continues to be this Government’s belief that banking in the main is an activity that should be provided by the private sector and that taxpayer funds which were used to rescue the banks should be recovered and used for the benefit of the citizens of the State.

The State recently completed a share buyback programme with AIB and we continue to sell shares in AIB through a trading plan, phase 3 of which has been operational since 11 January 2023 with BofA Securities acting as the trading plan manager. Indeed, I will continue to monitor market conditions for further opportunities to reduce the State's shareholding in AIB in the period ahead.

With regard to Permanent TSB, the State is currently not selling shares in the bank and has no near-term intentions to do so with the priority being the successful and safe integration of Ulster Bank's loans, customers and staff. The retail banking review published by my Department in November 2022 considered whether the introduction of a local public banking structure would be desirable. It concluded that the credit union sector should be given the opportunity to transform into a community-based provider of universal retail banking products and services. The findings of the review are available on my Department’s website. I highlight the work that the Minister of State, Deputy Carroll MacNeill, is doing to support the development and growth of the credit union sector, including the passage of legislation. We are now seeing more mortgage activity and investment in technology within credit unions. More current accounts are being opened up by credit union members. I can elaborate on those points another time.

There are 15 seconds available to Deputy Boyd Barrett.

Is there a single shred of evidence that privately run for-profit banks have worked in our lifetime? We had to bail them out after the madness of the Celtic tiger that they helped to instigate. They are now ripping off people with mortgage interest hikes, profiteering-----

I am sorry, Deputy, but we are out of time. The Minister may make a brief response.

We must have a banking system that provides services to customers. The State had to rescue the banks by investing an enormous amount of money. We are recouping much of that money but still have a journey to go. All of that work and the services provided by the banking sector, which supports thousands of staff in Ireland, is complemented by the work of the credit union movement. Credit unions are community-focused and their volunteer ethos is unique. The Government is a strong supporter of the credit union movement.

I agree with that.

The truth is that the sector is now looking at and embracing enormous opportunity. As bank branches are closing around the country, credit unions are present and embedded in communities. We are now providing the policy and legislative framework to enable them to grow and prosper into the future. We will continue with that work.