Dáil Éireann Debate, Thursday - 18 May 2017
22. Deputy Thomas P. Broughan asked the Minister for Finance when he and the Department of Arts, Heritage, Regional, Rural and Gaeltacht Affairs will bring forward firm proposals for community banking in view of the recent public consultation on such banking models; and if he will make a statement on the matter. [23366/17]
Amharc ar fhreagraThe Programme for Government contains a commitment to thoroughly investigate the Sparkassen model of local public banks that operate within well-defined regions. The Department of Arts, Heritage, Regional, Rural and Gaeltacht Affairs is the lead Department in respect of this commitment. The Government is also committed to consider a model of community banking that could provide a suite of banking services through the Post Office Network, similar to the Kiwibank model in New Zealand.
The Department of Arts, Heritage, Regional, Rural and Gaeltacht Affairs, with the assistance of my Department, undertook a consultation process, engaging with stakeholders and interested parties, that finished on 29th of March of this year. This consultation involved holding meetings with interested parties including Sparkassen, Irish Rural Link and the Public Banking Forum of Ireland who put forward proposals for community banking in Ireland.
Officials from both Departments are working to prepare a report for the Minister for Arts, Heritage, Regional, Rural and Gaeltacht Affairs and myself. It is anticipated that this report will be completed by the end of the first half of this year. This report will set out the findings and conclusions of the investigation of the Sparkassen model of local public banking.
