Michael Healy-Rae
Ceist:211. Deputy Michael Healy-Rae asked the Minister for Finance if he will address matters (details supplied) with regard to the banking system; and if he will make a statement on the matter. [16615/17]
Amharc ar fhreagraTuesday, 4 April 2017
Ceisteanna (211, 212)
Michael Healy-Rae
Ceist:212. Deputy Michael Healy-Rae asked the Minister for Finance if he will address an issue with regard to a group (details supplied); and if he will make a statement on the matter. [16616/17]
Amharc ar fhreagraFreagraí scríofa
I propose to take Questions Nos. 211 and 212 together.
The Government has not ruled out introducing a Community/Public Banking model. The 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 is working closely with the Department of Arts, Heritage, Regional, Rural and Gaeltacht Affairs on this matter, and has attended a number of meetings with interested parties, on the request of the lead Department. One of these meetings was with the Public Banking Forum of Ireland.
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.