Local Public Banking

The Programme for a Partnership Government commits the Department of Rural and Community development (formerly Department of Arts, Heritage, Regional, Rural and Gaeltacht Affairs) jointly with the Department of Finance to thoroughly investigate the German Sparkassen model for the development of local public banks that operate within well-defined regions. It also calls for the investigation of a new model of community banking that could provide a suite of banking services through the Post Office Network, such as the Kiwibank model in New Zealand, where the Post Office-owned bank provides a comprehensive suite of financial services, from personal loans and bank accounts to credit cards, business banking, and insurance.

The Department of Rural and Community Development conducted a consultation seeking the views of interested parties on the relevance of such models within an Irish context. In addition, the Department, jointly with the Department of Finance, has had substantial engagement and held a number of meetings with interested parties over the course of the project.

The final report is now complete and is available here.  The Press Release is available here.