Willie Penrose (Longford-Westmeath, Labour)
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50. To ask the Minister for Rural and Community Development when the report on public banking based on the Sparkassen model will be considered; when it will be published; the roadmap for implementation of this initiative; and if he will make a statement on the matter. [8506/18]

Michael Ring (Mayo, Fine Gael)
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The Programme for a Partnership Government envisaged that An Post, the Irish League of Credit Unions and other interested stakeholders would be asked to investigate and propose a new model of community banking, such as the Kiwibank model in New Zealand. The Programme for Government also includes a commitment to investigate the German Sparkassen model for the development of local public banks.

A project team comprising officials from my Department and the Department of Finance was established last year to progress 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 total of 16 replies from a range of stakeholders were received.

As part of their research, officials from both Government Departments met with representatives from the Savings Banks Foundation for International Co-operation and Irish Rural Link. These organisations put forward a proposal as to how a local public bank, based on the Sparkassen model, could work in Ireland.

The Departmental officials have now finalised their report and have submitted their findings to the Minister for Finance and myself. It is intended that the report will be brought to Government for consideration in the next few weeks, with a view to publication shortly afterwards