Union calls for 'third force' in Irish banking

UNITE trade union has said a third banking force is needed here to get credit flowing again.

A new report, commissioned by the trade union, is recommending that Bank of Scotland Ireland be part of any such force.

It had been speculated that such a third bank would be made up of Permanent TSB, Irish Nationwide and EBS to compete with Bank of Ireland and AIB.

Brian Gallagher of UNITE - which represents workers at BoSI - said money needs to begin flowing again to small businesses if we are ever going to get out of recession.

"The economy is only going to get out of recession if we have access to credit for the small and medium enterprise sector in Ireland," Mr Gallagher said.

He added that the report had concluded that BoSI has a "unique expertise" in lending to this sector.

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