Rebuilding our banking system on a sustainable footing
An effective banking system is the backbone of a strong economy. We need balance between competitive banks, available credit, strong regulation, and a meaningful role for the credit union movement.
In Government, Labour established Micro Finance Ireland and the Strategic Banking Corporation, which have supported the investment of hundreds of millions of euro into the economy.
Our plan for the next five years:
- Proceed with the planned disposal of 25% of state-owned AIB shares in 2016
- Initiate a strategic review into the future ownership of AIB and Permanent TSB and the competitiveness of our banking system
- Invest €500 million of the proceeds of the sale of bank shares into a dedicated Green Infrastructure Fund
- Increase the bank levy
- Empower the SBCI to meet some of the shortfall in financing companies with a turnover of over €2million
- Raise lending limits for credit unions while ensuring that loans remain viable and prudent