LIMERICK Senator and Fine Gael Seanad Spokesperson on Finance, Kieran O’Donnell will visit Germany next week to see firsthand how the German Public Banks operate and to see whether such a banking model could work in Ireland.
Senator O’Donnell will be part of an cross-party delegation from the Oireachtas Finance committee of which he is a member. This delegation will also visit the ECB headquarters in Frankfurt to discuss banking in Ireland and other related matters.
“I believe that the Irish banking market needs further competition. The German Public banks model, known as ‘Sparkassen’ could possibility provide another dimension to banking facilities on offer to the Irish consumer,” Senator O’Donnell suggested.
“Much public discussion has already taken place in Ireland on this ‘Sparkassen’ public banking model in Germany. We as the Oireachtas Finance committee have taken up an invite from ‘Sparkassen’ to visit Germany and see first-hand how these public banks operate.”
The purpose of this fact-finding mission is to see the German public banks model in operation and whether such a banking model or a variation of same could work in Ireland.
“Also, I am interested to explore what roles Credit Unions and An Post could have in the provision of such public banking facilities here. I am going to Germany with an open mind. Some of the questions I will have include, how can they charge SME’s a three per cent rate of interest and home mortgages at 1.1 per cent fixed rate of interest over 10 years,” he concluded.
Read more politics news here.
