Dáil Éireann Debate, Tuesday - 4 April 2017
189. Deputy Joan Burton asked the Minister for Finance the discussions his Department has had with the Department of Arts, Heritage, Regional, Rural and Gaeltacht Affairs regarding the establishment of a local public bank network, as committed to in the programme for Government; and if he will make a statement on the matter. [16361/17]
Amharc ar fhreagraThe Programme for Government commits the Department of Arts, Heritage, Regional, Rural and Gaeltacht Affairs to thoroughly investigate the German Sparkassen model for the development of local public banks that operate within well-defined regions. It also calls for the investigation of a new model of community banking that could provide a suite of banking services through the Post Office Network, such as the Kiwibank model in New Zealand, where the Post Office-owned bank provides a comprehensive suite of financial services, from personal loans and bank accounts to credit cards, business banking, and insurance.
The Department of Arts, Heritage, Regional, Rural and Gaeltacht Affairs have undertaken a period of consultation on this matter. The consultation closed on 29 March.
The Department of Finance has been in close contact with the Department of Arts, Heritage, Regional, Rural and Gaeltacht Affairs on this matter both before and during the consultation period, and has attended a number of the consultation meetings, when requested to do so by the lead Department.
The Department of Arts, Heritage, Regional, Rural and Gaeltacht Affairs, assisted by the Department of Finance, will be producing a report for both the Minister for Arts, Heritage, Regional, Rural and Gaeltacht Affairs and the Minister for Finance setting out their conclusions on the investigation into Local Public Banks. This report is expected to be completed by the end of May 2017.
