Dáil Éireann Debate, Tuesday - 4 April 2017
71. Deputy Thomas Pringle asked the Minister for Finance his views on the proposals set out by a group (details supplied) for an alternative banking model which would combine the existing services and capacities of credit unions and post offices; and if he will make a statement on the matter. [16247/17]
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 Public Banking Forum of Ireland met with the Department of Arts, Heritage, Regional, Rural and Gaeltacht Affairs to present their proposals over the period of consultation. A representative of the Department of Finance attended the meeting. The Public Banking Forum of Ireland presented an initial document outlining their proposals and noted that a final version of the document would be completed within approximately four weeks.
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 the conclusions of the investigation into Local Public Banks. This report is expected to be completed by mid year.
