Willie Penrose (Longford-Westmeath, Labour)
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31. To ask the Minister for Rural and Community Development if he will report on the outcome of the public banking investigation; when it will be published; and if he will make a statement on the matter. [25721/18]

Michael Ring (Mayo, Fine Gael)
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As the Deputy is aware, 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 the German Sparkassen model for the development of local public banks.

The project team carried out detailed research into the concept, with a particular focus on the Sparkassen model and met with a number of stakeholders. My Department also conducted a public consultation process, to seek views on the concept of a community banking model. The invitation to submit responses was open to all, and was particularly extended to main stakeholders and members of the Oireachtas.

The consultation ran for four weeks and 16 submissions were received. These 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 Minister Donohoe and I submitted it to Government for consideration in the last few weeks.  I anticipate that the report will published very shortly.