Written answers

Tuesday, 4 July 2017

Photo of Joan BurtonJoan Burton (Dublin West, Labour)
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123. To ask the Minister for Finance if he will report on his engagement with the public banking investigation being conducted by the Department of Arts, Heritage, Regional, Rural and Gaeltacht Affairs; and if he will make a statement on the matter. [31499/17]

Photo of Paschal DonohoePaschal Donohoe (Dublin Central, Fine Gael)
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As the Deputy will be aware, the Programme for Government commits the Government to thoroughly investigating the Sparkassen model of local public banks that operate within well-defined regions in the context of the provision of finance to Irish SMEs. The Department of Arts, Heritage, Regional, Rural and Gaeltacht Affairs is the lead Department in respect of this commitment, with support from my Department.

As part of this commitment, a consultation process was undertaken. This process involved consultation with stakeholders and interested parties, including Sparkassen, Irish Rural Link and the Public Banking Forum of Ireland. Following the conclusion of this consultation process, a report is now being finalised by officials from the Department of Arts, Heritage, Regional and Rural Affairs assisted by officials from my Department.

The report will set out the Irish banking context as well as analysing the responses to the consultation on public banking and its applicability in Ireland. It will then set out the findings and conclusions of the investigation of the Sparkassen model of local public banking which will be used to inform policy considerations.

The Deputy may wish to note that there are already significant Government measures in place to support the financing needs of SMEs.  As well as the Strategic Banking Corporation of Ireland (SBCI), there is the Supporting SMEs Online Tool, the Credit Guarantee Scheme, the Microenterprise Loan Fund, Local Enterprise Offices and the Credit Review Office.

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