Michael D'Arcy (Wexford, Fine Gael) | Oireachtas source

The Government recognises there are a number of positive principles underlying the concept of local public banking in general. It is committed to commissioning independent external evaluation of other possible ways in which the public bank concept could be promoted in Ireland. This could be by means of an online platform, leveraging the Strategic Banking Corporation of Ireland, the post office and-or the credit unions, or by other means. This could avoid any replication of existing Government support for bodies such as the post offices and the credit unions, which are already providing some financial and banking services in rural and regional areas. It is important to see how what is already in place can be most effectively used to support rural and regional economies and SMEs.

The Government will continue to engage with other interested parties and stakeholders, such as Ireland Rural Link, on this issue by way of a stakeholder forum. Details of this stakeholder forum will be announced shortly. There is a commitment to continue to work with An Post and the credit unions in regard to the development of the provision of financial and banking services provided by them to retail customers and SMEs, particularly in regional and rural areas. In addition, it is also important that SMEs are aware of the range of financial and non-financial supports available from the Government and its agencies. Enabling Irish SMEs to create employment and to contribute to economic growth remains an important Government priority, as well as supporting rural and regional economic growth and development.

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