Minister of State launches consultation on Local Community Banking


Minister of State Ring launches consultation on Local Community Banking

The consultation process will run until Wednesday 29 March 2017.

Full details below:

This is a very significant development.

The community/public banking debate is now on. This has been the objective of the PBFI since it was formed in 2013. It is now great to see the major political parties getting on board.

The PBFI will submit a substantial proposal to this consultation process and we encourage all other supporters of community/public banking to also make a contribution to this consultation process in whatever capacity, i.e. individuals or groups. This is a huge opportunity to further community/public banking in Ireland.

Community/Public Banking is on the Programme for Government thanks to the Public Banking Alliance, the Irish Post Masters and Independent TDs.

The Key Issues to be addressed:

• We need to introduce Community Public Banks to Ireland to drive our indigenous economy and create a platform for rural revival.

• We need a community banking system to support small businesses/SMEs who provide 70% of all jobs.

• We need a community banking system to support start-up businesses.

• We need to replace the commercial banks that are withdrawing from our small towns.

• 700 Post Offices are set to close in 2017; the phenomenally successful New Zealand Kiwibank (Post Office Bank) established in 2002, offers great potential to save our Post Office network and expand their vital services in our communities.

• The stressed Credit Unions system can be helped by it becoming part of a new community/public banking system. The CU network can also become a major part of the new Community/Public Banking system.

The successful 200-year-old German model:

Almost 70% of banking in Germany is provided by local community banks; 42% Sparkassen public banks & 26% Co-op banks. These local community banks are the backbone of the successful German economy, the 4th biggest in the world & the biggest in Europe by a mile.

The Commercial Banks in Germany have only 12.5% of the market; in Ireland, they have over 95% of the market and three of these banks have a 90% share of some sectors of business. The commercial banks in Ireland totally control the credit of the nation.

Accumulated Interest:

Prof. Margrit Kennedy in her book ‘Occupy Money’ explained that approximately 40% to 45% of the cost of every product that we purchase is directly paid as “usury” or “interest” to the private global banking cartel.

“Nothing is more powerful than an idea whose time has come.”

Victor Hugo

It’s time for Banking in the Public Interest!

Merrion St

Minister of State Ring launches consultation on Local Community Banking
Published on Thursday 2nd March 2017

Minister of State for Economic Development, Michael Ring T.D., today issued an invite to interested parties to comment on a proposed new model of community banking. The invite is part of a Programme for a Partnership Government commitment to investigate new models of community banking such as the Kiwibank model in New Zealand, or the German Sparkassen model of local public banks that operate within well-defined regions.

Opening the consultation process Minister of State Ring said, “The Programme for a Partnership Government commits to investigate alternative models of community banking. Given the challenges faced by the banking sector in recent years, I am pleased to be able to invite interested parties to put forward their views on whether a new approach to local banking should be introduced in Ireland“.

The Department of Arts, Heritage, Regional, Rural and Gaeltacht Affairs is working with the Department of Finance to evaluate the community banking concept and is undertaking a period of consultation with relevant stakeholders in order to evaluate its viability within an Irish context.

The consultation process will run for 4 weeks until Wednesday 29 March 2017. Further details are available on the consultation section of the Department’s website, www.ahrrga.gov.ie. Submissions can be made online or emailed to Laure Garcia (Laure.Garcia@ahg.gov.ie).

– See more at: http://www.merrionstreet.ie/en/News-Room/Releases/Minister_of_State_Ring_launches_consultation_on_Local_Community_Banking.html#sthash.7smpIkbk.dpuf

Please note the deadline for submissions is
Wednesday 29 March 2017.

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