Michael Ring (Mayo, Fine Gael)
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The Programme for a Partnership Government includes a commitment to investigate a new model of community banking for Ireland, including an investigation of the German Sparkassen model for the development of local public banks that operate within well-defined regions.

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.

Additionally, there has been substantial engagement and a number of meetings held with Irish Rural Link and the Savings Bank Foundation for International Cooperation (SBFIC) - the international development wing of the Sparkassen group - on their proposal for a suggested model of local public banking in Ireland, based on the Sparkassen system.

The Departmental officials have finalised their report and have submitted their findings to the Minister for Finance and myself.  I anticipate that the report will be brought to Government in the next few weeks with a view to its publication.