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IBF to kill off Credit Unions????


cabledude

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Joined
Jan 23, 2011
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6,362
Just read an article in today's Sunday Business Post.I looked for a link online but it's behind a pay wall. Story goes that the Irish Banking Federation are going to prioritize mortgage debt over all other forms of debt. This would include credit card, car finance, store cards etc etc. But it would also include credit union loans.

It seems to me that banks are attempting to use their power and might to squeeze customers in mortgage distress to turn their back,or default, on the local community credit union loans. Is this fair. The banks are engaging in protectionist practices to protect their balance sheets to the detriment of savers and borrowers in the local credit union. If this is going to be the norm in debt restructuring of mortgages, this will mean serious losses for the credit unions. Which in turn will mean lower deposit rates and more crucially, higher interest rates. People getting loan for college, cars, holidays etc will now pay more interest because of the banks policy of looking after themselves.

Now I know everyone will immediately cry that the banks are right to protect the taxpayers investment. Fair enough. But credit union members are taxpayers too.

I think this is grossly unfair.

Thoughts?

EDIT : Link here to a Davy discussion on the now protocols.

http://www.davy.ie/davy/article.htm?id=Davy_Morning_Equity_Briefing_31012013_moneBLinkS0006C0001Sct.htm
 
Last edited:


SPN

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Feb 2, 2004
Messages
16,891
I read this too.

If anything the Credit Unions should be entitled to a higher percentage than the banks because of the role they play in communities.

The move by the Banks is more about future bonuses than anything else.

Volunteers in a credit union don't get bonuses.
 

Northsideman

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Mar 7, 2010
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9,496
The members of credit unions will not tolerate any of this BS, they will organise like the farmers and the politicians will get the message right sharp.
 

moycullen14

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Feb 13, 2009
Messages
117
Moral hazard, boys and girls.

Banks are untouchables.
I'm just amazed at how we are sleep walking as a nation into a nightmare scenario where we are totally subservient to the banks.

It should be obvious to everyone that banks are dysfunctional entities that will, if allowed, destroy this country.

More woorying than the banks being untouchable, is that the bankers KNOW they are untouchable
 

southwestkerry

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Joined
Aug 20, 2008
Messages
4,229
I love my credit union. When I had my back to a mighty wall two years ago they helped me out no problem. Any attempt to rail them in to the bank fiasco will not go down well with me or others.
SWK
 

Burnout

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Oct 7, 2009
Messages
7,272
Twitter
I have a life.
We need to keep an eye on this. Any official comment around yet?
 

Mad as Fish

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Dec 6, 2012
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24,449
I'm just amazed at how we are sleep walking as a nation into a nightmare scenario where we are totally subservient to the banks.

It should be obvious to everyone that banks are dysfunctional entities that will, if allowed, destroy this country.

More woorying than the banks being untouchable, is that the bankers KNOW they are untouchable
And who do we give our money to each month?

Bring back cash!
 

Ribeye

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Jul 12, 2011
Messages
26,304
Doesn't matter boys and girls, bust banks... bust credit unions...same thing,

It's all just the corrupt state,

Credit unions to get
 

eoghanacht

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Apr 18, 2006
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33,303

Ribeye

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Jul 12, 2011
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Ribeye

Credit Unions are not "bust"
Sur they aren't, neithers Lucy Pinder:)

Please explain how they ain't, but be warned, i have numbers in my pocket, and I'm not afraid to fling them at ye:)
 

southwestkerry

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Joined
Aug 20, 2008
Messages
4,229
Sur they aren't, neithers Lucy Pinder:)

Please explain how they ain't, but be warned, i have numbers in my pocket, and I'm not afraid to fling them at ye:)
is it safe to google her!
 

Ribeye

Well-known member
Joined
Jul 12, 2011
Messages
26,304
is it safe to google her!
Yeah, as long as you're not in a nunnery you'll be ok, page 3 type stuff,

But don't let the feminists catch ye, they would prefer that she wasn't able to earn a great living for taking her top off!
 

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