International News: Ireland's Cabinet is set to discuss introducing a "game changer" Sparkassen type of Public Bank


Sparkasse bank uses a bus as a mobile local branch. Photo courtesy The Journal.


The Irish publication The Journal reports that a proposal to introduce a Sparkassen type of Public Bank in the country will soon be discussed in the Cabinet. Government officials have completed their report. 

Labour TD Willie Penrose says, “The development of a network of regionally based public banks could be a game changer for small and medium enterprises, agribusiness and the regions.”

The Journal continues:

"The proposal on the table, put forward by representatives from Sparkassen, as well as the non-profit organisation Irish Rural Link, is for the establishment of a pilot in the midlands.

Penrose said the project team had carried out detailed research into the public banking model, with a particular focus on Sparkassen. Penrose outlined a number of benefits of the model including that these banks would be municipally owned, rather than being nationalised entities.

[Read the full article]

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