Michael Ring (Mayo, Fine Gael) | Oireachtas source

I thank the Deputy for the question. Officials from my Department and the Department of Finance have been working closely together since last year to investigate the feasibility of a new model of community banking for Ireland, including through the German Sparkasse model for the development of local public banks. The project team carried out detailed research into the concept with a particular focus on the Sparkasse model. As part of its investigation, the project team also met with a number of stakeholders, including the organisation referred to by the Deputy. The organisation in question submitted a proposal to officials of both Departments for a possible model of local public banking in Ireland and this proposal has been analysed in detail.

My Department has also conducted a wider public consultation to seek views on the concept of a community banking model. The invitation to submit responses was open to all and was extended in particular to main stakeholders and Members of the Oireachtas. The consultation ran for four weeks and 16 submissions were received. The submissions have been assessed, and the views of the respondents have been taken into consideration and will be reflected in the forthcoming report. The report has now been completed and the Minister for Finance, Deputy Donohoe, and I submitted it to Government for consideration in recent weeks. I anticipate that the report will be published shortly.

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