Far be it for me to decide whether that is a point of order. The Leas Cheann-Comhairle might give a ruling on that. I am answering the questions. Before Deputy Shortall decided whether I had answered them, she should have allowed me to conclude what I was saying because it was really important. On the basis of what she said, I think Deputy Shortall bemoaned the lack of an independent regulator. Then she asked me a set of questions that are highly detailed and legally sensitive and which only the regulator can answe…

I believe we have a strong regulatory system in Ireland. We have a regulator that has demonstrated its ability to manage a complex financial sector in a way that looks to protect the safety of our economy and respect the need for the customers and those who depend upon the sector to be treated in a way that is fair. I believe we have a strong regulatory system here. Deputy Richmond went on to ask me another set of questions regarding where our banking system stands at the moment and how it can move forward. They ar…

I will conclude by emphasising the seriousness of the departure of Ulster Bank from our economy. We need to reflect on what that will mean for the structure of banking in our country in the years to come.

There is a little over a minute left in the Government speaking slot. May I make two points in response to the issues that have been raised?

I note, in particular, the points that were made by Deputies Calleary and O'Callaghan. They raised the question of the seriousness of what it means for Ulster Bank to leave Ireland. I want to offer one key point for speakers to reflect on. Many here this evening are being critical of decisions that have been made by some banks as they look to make profit, or make profit in the future. At the same time, the level of profit that was available in the Irish banking sector was not sufficient for a bank that has been pre…

I listened to what Deputy Mac Lochlainn said. I was very much aware of this issue when I was Minister for Public Expenditure and Reform and of the significant difficulty many families faced as a result of dealing with the awful effect of mica on the structure of their family home. In truth, I was not aware of the issues the Deputy just raised with me, so I will have to check the correspondence he sent me and then revert to him. I accept the seriousness of the issue, but of late I have not been as involved in it as …

I am not sure I fully understand the point the Deputy is making. In truth, I do not follow his point. Is he referring to the value of the properties that have been affected by mica and have a mortgage on them? If he could perhaps explain it to me again, I will respond.

In the aftermath of the decision by Bank of Ireland, a major opportunity has been announced for post offices to go into partnership with Bank of Ireland to try to develop services. I am not sure if the Deputy was aware of that but it is pertinent to the point he is making. The Deputy asked if I have plans to set up a new public bank. Is the Deputy aware of the work of the Strategic Banking Corporation of Ireland? Is he aware of the work that the Ireland Strategic Investment Fund, ISIF, is doing in supporting Irish …

Deputy Naughten made the point that we should have a State body that provides unsecured loans at a low interest rate. That illustrates the difficulty with such a State body. I have not received such correspondence yet from Mr. McRedmond. I will check to see where it is and I will respond. An Post is moving into a new partnership with Bank of Ireland. With respect to Deputy Naughten, the vision he has outlined for an institution funded by the State, with low interest rates and unsecured loans, shows why that institu…

Deputy O'Sullivan raises an important point. In some lending schemes that we have put in place, the amount of capital we made available has been fully drawn down. Some other schemes, which Deputy O'Sullivan may well be referring to, have not seen the same demand. We will have to examine whether there is a case to reallocate that funding, what we can learn from schemes that have gone well, and if there is a need to amend schemes for which there is not the same level of demand. That said, we are probably only now app…

That is relevant to the question the Deputy put to me.

There are no likely retail entrants into the Irish banking sector in the immediate future; none. The possibility that this may change in the medium term exists. It may change as the banking sector overall regains a degree of profitability but there are no large European or global retail banks considering moving into Ireland in the immediate future. We have had a bank leave Ireland and I am afraid that the gravity of that, in terms of why the bank has left Ireland and what that means for the banks that we still have…

Section 10 of the Act does, I believe, lay down criteria regarding the operation of banks in Ireland, but it does not constrain those banks from making commercial decisions regarding their future and operations. That is what has happened in the case of NatWest Bank. On the Deputy's second question, there is nothing to stop any individual credit union making money available for a loan for a purpose it deems worthy. We have provided guidance regarding how credit unions can work together to try to meet some of the dem…

I will follow up on the point the Deputy put to me regarding the use of buildings owned by Bank of Ireland. I understand, however, that more of these buildings are leased than we might initially think. The Deputy makes a practical suggestion that I will be glad to follow up and get back to him on. The Deputy also asked about setting capital reserve requirements for banks and credit unions. I do not have that power. It correctly sits with our regulator. The Deputy has just made a sensible and practical contribution,…

The Deputy raised a specific issue relating to equipment. If he gives me the details of that example, I will ensure he gets an answer.

I thank all Deputies for the contributions they have made. I support the Government amendment moved by the Minister of State, Deputy Fleming. I will address some claims made by Opposition Deputies. A claim has been made about action that has been taken elsewhere and action that has not been taken here in Ireland. Those two claims are central to many of the political arguments put forward today. I will conclude by addressing some points in Deputy Doherty's Bill. I begin by addressing a point made about what has happ…

I move: That Dáil Éireann approves the following Regulations in draft: Emergency Measures in the Public Interest (Covid-19) Act 2020 (Covid-19: employment wage subsidy scheme) (Date Adjustment) Order 2021, a copy of which was laid in draft form before Dáil Éireann on 22nd January, 2021. Following a debate last week on the Covid restrictions support scheme, the resolution for debate today seeks the approval of the House for another order which also recognises the challenges faced by businesses across the economy ari…

I move: That Dáil Éireann approves the following Regulations in draft: Taxes Consolidation Act 1997 (Covid Restrictions Support Scheme) (Percentage Adjustment) Order 2021, a copy of which was laid in draft form before Dáil Éireann on 13th January, 2021. The resolution seeks the approval of the House for a draft order which provides for additional support under the Covid restrictions support scheme, CRSS, to businesses that are forced to restrict access to their premises over the Christmas period. I want to start by…

I heard all the Deputies speak with great concern about businesses that have been affected by the public health restrictions that are due to and necessary because of this terrible disease, the strain and anxiety that those who are running these businesses are experiencing at present and, of course, the huge effects that the loss of a job is having on those whom they represent. I have been in the same meetings. I have met the same businesses. I have met so many people over the past year who have been affected in exa…

I move: That Dáil Éireann authorises the Minister for Finance, pursuant to section 6(1) of the National Surplus (Reserve Fund for Exceptional Contingencies) Act 2019 (the ‘Act’), not to pay the prescribed amount (€500,000,000) under section 5(2) of the Act into the National Surplus (Exceptional Contingencies) Reserve Fund for the year 2020 having regard to the fact that in accordance with section 6(3) of the Act the Minister is satisfied that, by reason of the exceptional circumstances posed by the public expenditu…