GOVERNMENT’S COMMITMENT TO THEIR PROPOSAL FOR A PUBLIC BANKING MODEL IN IRLEAND

IRISH RURAL LINK WELCOME GOVERNMENT’S COMMITMENT TO THEIR PROPOSAL FOR A PUBLIC BANKING MODEL IN IRLEAND.

Irish Rural Link (IRL) are today welcoming the announcement by Government that they are establishing a stakeholder consultation group to fully investigate a model of public community banking for Ireland.  CEO of IRL, Seamus Boland in welcoming today’s announcement said, “IRL are delighted that the Government and Minister O’Donoghue have re-affirmed their commitment to a public banking model for Ireland.  IRL brought this proposal to Government when the country was in the midst of the worst economic crisis in the history of our State, when SME’s were closing as a result of the inability to access funding and in a period when the pillar banks had not only failed but had bankrupt the country in the process.  IRL recognised the need to explore a third tier of banking similar to the relationship models of banking which had survived the test of time throughout Europe and who had continued to support and grow local enterprises throughout times of economic turbulence.”

He continued, “IRL have firmly put the requirement for a public banking model in Ireland on the Government’s agenda, by not only ensuring its inclusion in the Programme for Government, but also in our continuous lobbying at National level through politicians, chambers of commerce and business groups and today is recognition by Government that they have listened to the needs of the greater community, the need for a relationship banking model, the need for access to finance for SMEs and the need for a model of banking that is regionally based and one which will be sustainable and robust in periods of economic turbulence.”

What next?  Seamus concluded by confirming that the next stage in this investigative process is the establishment of a stakeholder forum to consider all existing models of public banking and to ascertain which model or combination of models would be most suited to Ireland and he says that “Irish Rural Link as the organisation who have brought this proposal to the table and as the organisation who has ensured that the need for public banking is firmly on the Government’s agenda now welcomes the opportunity to continue to work with Government and all stakeholders as part of this investigative forum and look forward to the establishment of public community banking in this country.”

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