Wednesday, 25 September 2019

Questions (72)

Willie Penrose


72. Deputy Willie Penrose asked the Minister for Finance when a report by an organisation (details supplied) into public banking will be available in view of the fact a commitment was given that it would be ready for distribution by early summer 2019; if steps can be taken to expedite same; and if he will make a statement on the matter. [39080/19]

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Written answers (Question to Finance)

As the Deputy is aware, my Department in conjunction with the Department of Rural and Community Development, issued a report on Local Public Banking in Ireland last year. The report concluded that there is not a compelling case for the State to establish a new local public banking system based on the German Sparkassen model in Ireland.

A commitment was given in the report that my Department would arrange for an independent evaluation to consider how the objectives of community banking and how the local provision of banking and financial services could be furthered through other delivery mechanisms.

Following a procurement process, the contract was awarded to Indecon earlier this year. Work on the independent evaluation is currently well underway and I understand that the report will be completed in the near future.