Willie Penrose (Longford-Westmeath, Labour) | Oireachtas source

The public banking model in Germany operates under municipal trusteeship. The salary ranges of Sparkassen staff are basically identical to the civil servant arrangements. Bonuses for staff are not common practice. Salary arrangements comprise a success story and there is customer satisfaction. The pillar banks here would not get a penny if it was based on customer satisfaction. They would not get a shilling. Some of the big managers would lose some of their wages. Bonuses for staff are not common practice in the German public banking model. Mr. Seamus Boland, CEO of Irish Rural Link, said this alternative system of banking would in many ways complement mainstream banking. It is important to relay to the bureaucrats in the Department of Finance, whom I know are the obstacle, that Mr. Boland states: "Failure to develop an alternative banking system on the lines proposed, will condemn our regions to being unable to develop in economic terms for the foreseeable future."

I know what the banks did during the hard times. They took away overdrafts of €5,000 and €6,000 from unfortunate small businesses and let them go to the wall. They looked after the big shots and the small people suffered. This is the void we are trying to fill. We want to take on the pillar banks through competition. Sparkassen, the credit union movement and the post offices are ready to do so. The Minister should complete the job.

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