To ask the Minister for the Economy whether consideration has been given to setting up a mutual bank in Northern Ireland.

My officials have been in regular contact with stakeholders wishing to establish a mutual bank over the last couple of years regarding their ongoing campaign.

My officials continue to be willing to engage with the promoters of a mutual bank in developing their proposals. Also, there have been requests to make legislative changes so that a mutual bank can offer a full range of services. There was not sufficient time within the previous Assembly Mandate to complete these changes; therefore, this issue can be considered in the new mandate.