A Better Banking System

Ireland needs a fully functioning, competitive and stable banking system to support a growing economy and a more cohesive society.

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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

  1. Mortgage Arrears Office

    Establish a Mortgage Arrears Office to deal with legacy mortgage arrears and remove the bank veto in personal insolvency law.

  2. 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.

  3. 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.

  4. 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.

  5. Enable An Post to offer mortgages

    Enable An Post to enter the mortgage market to add much needed competition in the sector.

  6. Better consumer protection

    Review the Central Bank’s role in terms of consumer protection and increase its powers for doing same.

  7. 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.

  8. 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.

All Issues in The Economy

A Better Banking System

Ireland needs a fully functioning, competitive and stable banking system to support a growing economy and a more cohesive society.

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Capital Infrastructure

A lack of investment in capital infrastructure, in social housing, in schools, in third level institutions, in roads and in internet connectivity is creating an Ireland with a more unequal society.

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Corporation Tax

As a small open economy on the periphery of Europe, Ireland must remain a competitive place to do business.

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Creating Decent Jobs

Low pay and casual working arrangements prevent people from getting mortgages, entering rental agreements and being able to make financial commitments.

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Fiscal Stance

Ireland’s economic recovery has been remarkable and belongs to the people.

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Taxation

Fine Gael is determined to move to a US-style income tax system whereby taxes are cut for the richest in society.

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Strengthening Competitiveness

Competitiveness is essential as a means of achieving sustainable improvements in living standards and quality of life.

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Supporting SMEs and the Self-Employed

Ireland’s small and medium sized businesses (SMEs) are the back bone of our economy and employ nearly 1 million workers.

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