Michael Ring (Mayo, Fine Gael) | Oireachtas source

I propose to take Questions Nos. 24 and 31 together.

The programme for a partnership Government includes a commitment to investigate a new model of community banking for Ireland, including an investigation of the German Sparkassen model for the development of local public banks that operate within well-defined regions.

A project team comprising officials from my Department and the Department of Finance was established last year to make progress on this commitment. The project team carried out detailed research into the concept of a public banking model, with a particular focus on the Sparkassen model. In addition, a public consultation process seeking views on the concept of a community banking model ran for four weeks. A range of key stakeholders were invited to comment on the proposed new model of community banking, including the credit union representative bodies. Members of the Oireachtas were also advised of the consultation process.

Two credit union representative bodies submitted very comprehensive responses describing the extent of their work and the impact they have on rural communities throughout the country. Their responses have been assessed in detail and their views will be reflected in the forthcoming report on the public banking review. Additionally, there has been substantial engagement and a number of meetings held with the body referred to by Deputy Penrose, who has been raising this for many years. The departmental officials have finalised their report and have submitted their findings to the Minister for Finance and me. The report will be brought to Government for approval in the coming weeks.

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