A better banking system
Ireland needs a fully functioning, competitive and stable banking system to support a growing economy and a more cohesive society. In that respect the banking system in Ireland needs a radical overhaul.
People are paying far in excess of what is fair and justifiable for their mortgages, savers are getting next to nothing by way of interest and SME’s are still struggling to obtain the credit they need to grow and develop.
Fianna Fáil’s plan reform the banking system
Mortgage Arrears Office
Establish a Mortgage Arrears Office to deal with legacy mortgage arrears and remove the bank veto in personal insolvency law.
Regulate vulture funds
Continue to ensure that vulture funds are regulated to the same standard as banks. Fianna Fáil introduced legislation that would regulate vulture funds.
Reform the Credit Union sector
Introduce tiered regulation whereby larger credit unions can provide larger, longer term loans. Larger credit unions should be able to enter the mortgage market to add much needed competition for that sector.
New Special Purpose Vehicle for investment in housing
Allow for a Special Purpose Vehicle model that would allow credit unions to invest in social and affordable housing.
Enable An Post to offer mortgages
Enable An Post to enter the mortgage market to add much needed competition in the sector.
Better consumer protection
Review the Central Bank’s role in terms of consumer protection and increase its powers for doing same.
A more ambitious banking sector
Will push for the completion of a more ambitious banking union including a common regulation, deposit insurance and resolution mechanism.
Reprivatise Irish banks
Gradually and sustainably return Irish banks to the private sector. When the banks are healthy enough and market conditions are strong, Ireland should begin to reduce its shareholding particularly in Irish banks. The Minister for Finance should not have to consider the share price of banks when dealing with consumer protection issues.