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Reliance on German bank cannot replace a State Bank: Doherty

20 November, 2013 - by Pearse Doherty TD

Sinn Féin Finance Spokesperson Pearse Doherty TD has said Minister Noonan’s refusal to say when the government’s commitment to a Strategic Investment Bank will be implemented and his reference instead to a German bank playing a role in lending to the real economy points to a dropping of the State Bank plan and its replacement with reliance on a German bank.

Speaking after questioning Minister Noonan in the Dáil Deputy Doherty said:

“Once again Minister Noonan was unable to say when the Programme for Government commitment to a Strategic Investment Bank will be implemented.

“More worryingly is his references in his reply to the German development bank KFW as some sort of substitute for the Strategic Investment Bank. The Minister should be clear on what role KFW will have in the Irish economy and why the Taoiseach mentioned it in his speech on exiting the Troika programme last week.

“A German bank will act in Germany’s interests and cannot replace a State owned bank with a mandate to act in the interests of the Irish economy. Our SMEs are currently not availing of a normal rate of lending while personal customers find themselves with less and less choice in banking.

“The government has committed to establishing a Strategic Investment Bank and it should create one as a new entity or out of the shell of a current bank. A State Bank is a government promise and cannot be abandoned to be replaced with reliance on a German owned bank.”


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