Tuesday, 3 December 2019

Questions (137)

Willie Penrose

Question:

137. Deputy Willie Penrose asked the Minister for Finance when a report (details supplied) into local public banking will be published; and if he will make a statement on the matter. [50136/19]

View answer

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.

However, 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 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 and work on the independent evaluation is underway.

My officials have received an initial draft of this report and I am expecting a finalised version of the report in the coming weeks. Once the final report is received, I will bring it to the attention of my Government colleagues and I anticipate that the report will then be published.