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Ethical Banking Options in Ireland


yehbut_nobut

Well-known member
Joined
Aug 16, 2007
Messages
523
Considereing the possibility of making some ethical investment, I was looking into the Triodos Bank.
They're originally a dutch bank but have been operating in the UK for years

Interestingly, theyre pr section say they only lend money they actually have on deposit, so are not exposed to or affected by the credit crunch.

Anyway, I found a page relating to Ireland (here), and although they offer loans to Irish ventures they say:

We cannot, however, offer personal banking services in Ireland.
Almost sounds as if ethical banking was not allowed here ! :evil:

Anyone know of any ethical banks operating here? People have mentioned credit unions to me, but don't they keep their money in main stream bank accounts?
 


yehbut_nobut

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Joined
Aug 16, 2007
Messages
523
Re: Ethical Banking in Ireland

Rahood said:
Stupid is as stupid does.
Do you? :roll:
 

Rahood

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Joined
Jul 26, 2007
Messages
58
Re: Ethical Banking in Ireland

Rahood said:
yehbut_nobut said:
Rahood said:
Stupid is as stupid does.
Do you? :roll:
Nope' I kept my money a long way from this mess.
I was in England in 04' when I made the move back to Ireland.

The market was finished. I cashed out. I moved back to Dublin but bought a house in Carlow and a second house in Longford.

Yeah you bet I;m feeling proper smug.
 

CookieMonster

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Joined
Feb 19, 2005
Messages
34,659
Re: Ethical Banking in Ireland

Rahood, you've been warned about throwing randon abuse around on this website before. if you won't have anything to add to a thread apart from mindless name calling then don't contribute at all.
 

yehbut_nobut

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Messages
523
Re: Ethical Banking in Ireland

Rahood's smugness aside - does anyone have anything to contribute re ethical banking her in Ireland?
 

just_society

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Apr 24, 2007
Messages
31
Re: Ethical Banking in Ireland

yehbut_nobut said:
Rahood's smugness aside - does anyone have anything to contribute re ethical banking her in Ireland?
Given the thread title I thought this should be in the humour section. :D
 

CookieMonster

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Feb 19, 2005
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34,659
Re: Ethical Banking in Ireland

yehbut_nobut said:
Rahood's smugness aside - does anyone have anything to contribute re ethical banking her in Ireland?
I wonder would they loan you money to start up an ethical bank here.
 

yehbut_nobut

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Joined
Aug 16, 2007
Messages
523
Re: Ethical Banking in Ireland

CookieMonster said:
yehbut_nobut said:
Rahood's smugness aside - does anyone have anything to contribute re ethical banking her in Ireland?
I wonder would they loan you money to start up an ethical bank here.

I actually wondered about that. Well not me, but somebody might start it. I think they used to have a rep in Dublin, but no longer it seems. A pity as it seems they support a lot of good work here.
 

islands

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Sep 1, 2008
Messages
104
Re: Ethical Banking in Ireland

You have to think about what you mean by ethical investment. One model invests the ethical funds in "companies that do good". That could be a landmine company, as long as they build an orphanage or something. The other model avoids investing in companies that do harm in some way, and that could mean they avoid the likes of tobacco, alcohol, gambling. Then there are "green" funds etc.

More info here
http://www.askaboutmoney.com/showthread.php?p=365399

If it's more than ethical investment you need, it could be tricky. Best of luck
 

adrem

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Joined
May 27, 2004
Messages
924
Re: Ethical Banking in Ireland

yehbut_nobut said:
Considereing the possibility of making some ethical investment, I was looking into the Triodos Bank.
They're originally a dutch bank but have been operating in the UK for years

Interestingly, theyre pr section say they only lend money they actually have on deposit, so are not exposed to or affected by the credit crunch.

Anyway, I found a page relating to Ireland (here), and although they offer loans to Irish ventures they say:

We cannot, however, offer personal banking services in Ireland.
Almost sounds as if ethical banking was not allowed here ! :evil:

Anyone know of any ethical banks operating here? People have mentioned credit unions to me, but don't they keep their money in main stream bank accounts?
There is nothing to stop them offering banking services in Ireland . . . . if they want to !! They need simply talk to the regulator in the UK and the regulator here and they can offer their services in based on their UK authorisation. So no need for the conspiracy theory on ethical banking not being allowed.

On the broader issue - is ethical banking defined as only lending on the funds you have on deposit? Never came across that definition before. It still involves usury you know? Also if there is a run on your "ethical" bank it will still go under - credit at some level is what makes any successful and ethical banking system work. What we have seen is unbridled greed, unregulated excessive credit and a complete lack of control and regulation. The de-leveraging process is very painful but it had to happen. The last few crashes were accelerated out of through the use of credit - this time it won't work - this time we have to take the full horrible pain.
 

yehbut_nobut

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Joined
Aug 16, 2007
Messages
523
Re: Ethical Banking in Ireland

islands said:
You have to think about what you mean by ethical investment. One model invests the ethical funds in "companies that do good". That could be a landmine company, as long as they build an orphanage or something. The other model avoids investing in companies that do harm in some way, and that could mean they avoid the likes of tobacco, alcohol, gambling. Then there are "green" funds etc.

More info here
http://www.askaboutmoney.com/showthread.php?p=365399

If it's more than ethical investment you need, it could be tricky. Best of luck
Thanks for the link - I know what you mean about the definition of "ethical". I do wonder why a bank (of the Triodos model) doesn't exist here - their definition seems to be companies that are actively doing something creative/useful for humanity. That's what I was looking for.

adrem said:
There is nothing to stop them offering banking services in Ireland . . . . if they want to !! They need simply talk to the regulator in the UK and the regulator here and they can offer their services in based on their UK authorisation. So no need for the conspiracy theory on ethical banking not being allowed.
No conspiracy implied -I was only being facetious - judging by the way some of our banks haven't exactly been shining pillars (Ansbacher etc...) :p

adrem said:
On the broader issue - is ethical banking defined as only lending on the funds you have on deposit? Never came across that definition before.
Don't know if thats the case but that'#s how Triodos seem to operate - ie they dont use the LIBOR system. From their website:
But not all banks work in the same way. Triodos Bank has a more sustainable strategy. All its lending is funded by its UK savers’ deposits and not by borrowing from other banks using LIBOR. So, compared to the mainstream banks, Triodos has more control over the supply of cash for its lending and the cost of the funds that it needs to make loans. So the organisations that borrow from it are not subject to the vagaries of LIBOR. For that reason Triodos neither increased the cost of borrowing for its business customers nor made it harder for them to borrow, as a result of the United States mortgage loan crisis. The traditional knee-jerk reaction of UK banks to losses such as those they face from the United States has been to tighten the credit conditions for current and future loans.
(more here)

adrem said:
It still involves usury you know? Also if there is a run on your "ethical" bank it will still go under - credit at some level is what makes any successful and ethical banking system work. What we have seen is unbridled greed, unregulated excessive credit and a complete lack of control and regulation.
Which seems to be the difference - so far I've only looked into this one bank- anyone know of others? Or how could we persuade them to open up shop here?
 

ArtyQueing

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Jun 2, 2008
Messages
302
There are muslim mortgages which are not tainted by usury
 

yehbut_nobut

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Aug 16, 2007
Messages
523
ArtyQueing said:
There are muslim mortgages which are not tainted by usury

erm... this thread is nothing to do with usury or lack thereof. Maybe you should try elsewhere?

For those who need it explained, ethical banking is about what the banks are using your money for when you've deposited it with them.
 

constitutionus

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Joined
Feb 19, 2007
Messages
23,339
well i work in the financial sector and i can tell you catagorically there isnt any ethical banks in ireland.

in fact some of the outright criminality ive seen would sicken you.

to be brutally honest you should be just glad you can get your money off the fcukers when you want it. if it was up to them you wouldnt. hell theyve accounts like that ANYWAY :mrgreen:
 

yehbut_nobut

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Aug 16, 2007
Messages
523
If there was an ethical bank operating in Ireland, who here would switch to banking with them?
 

ultra-vire

New member
Joined
Sep 16, 2008
Messages
3
yehbut_nobut said:
Considereing the possibility of making some ethical investment, I was looking into the Triodos Bank.
They're originally a dutch bank but have been operating in the UK for years

Interestingly, theyre pr section say they only lend money they actually have on deposit, so are not exposed to or affected by the credit crunch.

Anyway, I found a page relating to Ireland (here), and although they offer loans to Irish ventures they say:

We cannot, however, offer personal banking services in Ireland.
Almost sounds as if ethical banking was not allowed here ! :evil:

Anyone know of any ethical banks operating here? People have mentioned credit unions to me, but don't they keep their money in main stream bank accounts?
We dont know only know better and you can tell the members of the public so that they can invest on your baby banks we hope you use your family name though. l.o.l
 

ArtyQueing

Well-known member
Joined
Jun 2, 2008
Messages
302
yehbut_nobut said:
ArtyQueing said:
There are muslim mortgages which are not tainted by usury

erm... this thread is nothing to do with usury or lack thereof. Maybe you should try elsewhere?

For those who need it explained, ethical banking is about what the banks are using your money for when you've deposited it with them.
That's me told off - I thought usury would be included in ethics.
 

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