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A new co-operative bank?


roc_

Well-known member
Joined
Dec 5, 2009
Messages
6,268
I was wondering what would be the logistics in setting up something like this.

There's no doubt that we need a bank that will direct the nation's savings towards noble, inventive and productive uses. For example, real craftsmanship, brave or idealistic enterprise, or endeavour that goes towards nourishing the body, mind and soul of this nation...

What would be involved? Obviously some kind of political and institutional reform, but what?
 


Biffomania

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Joined
May 7, 2010
Messages
788
I was wondering what would be the logistics in setting up something like this.

There's no doubt that we need a bank that will direct the nation's savings towards noble, inventive and productive uses. For example, real craftsmanship, brave or idealistic enterprise, or endeavour that goes towards nourishing the body, mind and soul of this nation...

What would be involved? Obviously some kind of political and institutional reform, but what?
If you want it to be really cooperative I'd suggest as directors: Bertie, McCreevy, Pat Neary, Sean Fitzpatrick, John Hurley, Ivor C., Bev and the (Castrated) Bull himself, O'Donoghue. No problems in getting the shekels out to flow out of it.
 

Libero

Well-known member
Joined
May 22, 2004
Messages
3,000
I was wondering what would be the logistics in setting up something like this.

There's no doubt that we need a bank that will direct the nation's savings towards noble, inventive and productive uses. For example, real craftsmanship, brave or idealistic enterprise, or endeavour that goes towards nourishing the body, mind and soul of this nation...

What would be involved? Obviously some kind of political and institutional reform, but what?
The first thing you'd need is a Central Bank and Department of Finance prepared to countenance the existence of a new bank to compete with the existing banks, to which the state is shackled.

Do you really think Official Ireland can afford to allow a new lower-cost banking operation to emerge, utterly sinking the legacy banks as it eats their dinner in terms of deposit and lending business?

The only chance of a new banking outfit in Ireland (at least any time soon) is if a foreign bank uses EU freedom of establishment rules to set up here, and makes it clear it won't be bullied out of the place by the existing banks and their servants.
 

ivnryn

Well-known member
Joined
May 20, 2007
Messages
1,304
So, from the link you need at least 20 (non-connected) people who are willing to invest EUR 500k+ each.

However, I would agree that any issues in the application would be used as a reason to block it.

Also, I think the fact that a general levy on the banking sector is being considered means that even a new bank would end up paying its "share" towards NAMA.
 

Riadach

Well-known member
Joined
Feb 9, 2007
Messages
12,847
The first thing you'd need is a Central Bank and Department of Finance prepared to countenance the existence of a new bank to compete with the existing banks, to which the state is shackled.

Do you really think Official Ireland can afford to allow a new lower-cost banking operation to emerge, utterly sinking the legacy banks as it eats their dinner in terms of deposit and lending business?

The only chance of a new banking outfit in Ireland (at least any time soon) is if a foreign bank uses EU freedom of establishment rules to set up here, and makes it clear it won't be bullied out of the place by the existing banks and their servants.
That is depressing. We're in a country where individuals nationwide are badly in need of credit to run/establish their businesses, and the government solutions to this problem was to tie themselves irrevocably to establishment banks which won't lend, and are now using their cosiness with the government to keep all others, who have enough capital to lend, out of the market. Talk about solving a leak and starting a flood. Are we that inept in this country?
 

HanleyS

Well-known member
Joined
Jan 11, 2007
Messages
817
There will be a new bank when ireland is deemed to have any sustainable level of good credit risks. FYI, now is not then, work with the money you have.
 

Fisherman1

Well-known member
Joined
Mar 30, 2010
Messages
335
Interesting idea.

I wonder if the PS unions would band together and establish a PS bank?

Maybe also a co-operative insurance company.

A co-operative wholesale grocery supplier.

Exclusive to the union membership.

Interesting idea.....

One way of combating the slash in wage cuts and the imposition of exclusive levys.:roll:
 

Horses

Active member
Joined
May 10, 2009
Messages
127
It's a good idea but down the road they are going to ban credit unions. Obama has already moved in that direction in the states. Can't have any competition.
 

adrem

Well-known member
Joined
May 27, 2004
Messages
924
We already have them - they are called credit unions. They provide a great service and are slowly going mainstream - just got notified that my guys now have a debit/ATM card and are party to the national bank switching code so I can switch away completely from my bank and run everything through the CU.
 

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