Dáil Éireann Debate, Tuesday - 3 July 2018
491. Deputy Billy Kelleher asked the Minister for Rural and Community Development the progress as committed to under the programme for partnership Government to investigate the German Sparkasse model for development of local public banks; if he has had discussions with the Minister for Finance with respect to a report being prepared on community banking models; and if so, when this report will be published. [28802/18]
View answerThe Programme for a Partnership Government includes a commitment to investigate the feasibility of a new model of community banking for Ireland, including an investigation of the German Sparkassen model for the development of local public banks that operate within well-defined regions.
A project team comprising officials from my Department and the Department of Finance was established last year to progress this commitment.
The project team carried out detailed research into the concept of a public banking model, with a particular focus on the Sparkassen model. In addition, a public consultation process, seeking views on the concept of a community banking model, ran for four weeks. A total of 16 replies from a range of stakeholders was received.
Additionally, there has been substantial engagement and a number of meetings held with various interested parties, and a proposal for a local public banking model in Ireland, based on the Sparkassen model, was submitted to the officials for consideration.
The project team carefully analysed this proposal, as well as assessing all the submissions received during the consultation process, in order to make sure that all the ideas and opinions were considered and reflected in their report.
The report by the project team was considered carefully by myself and the Minister for Finance and was submitted to the Government recently for noting. The report will be published imminently.
