Ireland is well underway in its examination of Public Banking. The departments of Finance and Rural and Community Development have been working with Public Banking advocates Irish Rural Link and the international development wing of the Sparkassen German Public Banking group, Savings Bank Foundation for International Cooperation (SBFIC). The report is likely to be published in the coming weeks.
In Germany, Sparkassen are public bodies under municipal trusteeship. They make up the largest banking group and are the market leader in Germany. In an article in The Journal, Harald Felzen, European project manager for SPFIC explained:
“The salary agreements with Sparkassen staff are basically identically equal to the civil servant agreements. Bonuses for staff are not common practice.”