Mr. Niclaus Bergmann:

Setting up a new bank is not something one does quickly or over a fortnight. That is not possible, in particular when we are talking about a new type of bank, albeit building on old habits and ways of doing things. Nevertheless, it would be a new system. Setting up one local bank will not be sustainable in the long term. It can only work from an economic point of view when there is a nationwide system in which the costs can be shared with other institutions. That is why the central service provider, which is part of the concept, is so important to making this sustainable in the long term. It will take some time to get the pre-requirements in place. There would have to be a political decision to set up a new public banking model. After all, the word "public" is included there, which is extremely important. As such, it is a political issue.

Moreover, there has to be approval coming from the Department of Finance and the Central Bank has to give its approval as well. This means some time is needed to prepare everything. In good circumstances it may be half a year or a year before the first pilot bank can really start and open its door to the public. That would be moving rather quickly.