The programme for Government includes a commitment to consider making progress on a public banking model, the sort of model promoted by Irish Rural Link and based on the experience of the German Sparkassen model, where there is real expertise in developing SME and business lending in regional areas. The advantage for regional development is that deposits raised in a region are spent in that region. I understand the German organisation has been making presentations to the Minister’s Department for the guts of three years now, and it has been doing so in detail for the past year and a half. It is very willing to work with other actors, be it An Post or the credit unions, to bring public banking business lending expertise into rural Ireland. When will the Department come forward with an answer to Irish Rural Link, as committed to in the programme for Government? I am sure it would reflect the enthusiasm of the Minister for Rural and Community Development, Deputy Michael Ring, for such a key factor in regional development. Why has it been stuck in the Department of Finance for so long? When will the Government live up to its programme for Government commitment in this area?

What always seems to be missing every time this issue is raised is the fact that, as part of the proposal being put to the Government, those who are interested in making what is proposed happen require a significant degree of capital to do it. This is at the heart of why the Department of Finance has to consider this matter very carefully. It is not stuck; it is being reviewed and analysed, as the Deputy would expect. In answer to his question, in the next few weeks the Minister for Rural and Community Development, Deputy Michael Ring, and I will be bringing a joint memo to the Cabinet on the matter.