Bolshie nationalisation of banks?

[patslatt]

The Irish Congress of Trade Unions wants to nationalise the banks. James Connolly would love it. Is this the beginning of Ireland's long delayed revolution of the proletariat?

Or is it simply that the ICTU wants to preserve all those union dues from 40,000 banking union members? A private sector restructuring of the banking system would mean thousands of job losses as the industry implemented a necessary rationalisation and downsizing.

Is this control given to the people? Or control given to trade unions and to politicians who in Ireland will try to open a bank branch in every constituency, with loans divvied up by constituency according to the political importance of the TD.

A simple solution to the need for recapitalisation would be a government guarantee of a reasonable return on new share issues payable at the end of about 5 to 7 years. The guarantee may never be needed and would give the banks time for loan workouts.

[MartinP]

Or perhaps ICTU recognise that a banking sector whose main responsibility is to the people who use its facilities, and not the shareholders, would be a better one. It's an excellent idea. It's certainly a better idea than the state bailing out privately owned companies.

[Big Bobo]

The purpose of banks should be to provide investment and give credit where it is of benifit to the Irish people not to collaborate with speculators, developers and short-term profiteers out to line their own pockets. The property bubble could never have occured without irresponsible banks.The private sector can never provide Ireland with the banking service it needs as it is only focused on profits for the rich and not for the needs of the people.

[zakalwe1]

if the VCs go in, its goodbye branch network, goodbye profitable subsidiaries and hello empty and weak irish banks.

[Thranduil]

Maybe he just wants to prevent a situation where Gordon Geckos from the US and ME are seen to be forcefully liquidating as many mortgages as possible from hard-struggling householders throughout the country in order to maximise their profits (which let's face it will be their only concern).

It is worrying in itself that Bertie has been the 'go-between' in negotiations between one investor group and the government.

State will join €3bn bank deal - Times Online

[patslatt]

Or perhaps ICTU recognise that a banking sector whose main responsibility is to the people who use its facilities, and not the shareholders, would be a better one. It's an excellent idea. It's certainly a better idea than the state bailing out privately owned companies.

It's an excellent idea for Marxist-Leninist Sinn Feiners.

There are few defenders left of government nationalised business which leads to corruption, cronyism and stinks of bureaucracy.

That said,the senior managers of Irish banks have proved very irresponsible in creating the property bubble (though encouraged by ridiculously low interest rates) and should be sacked immediately. If their boards of directors don't sack them,it will mean Ireland's big corporates are run by an incestuous golden circle.

[Big Bobo]

It's an excellent idea for Marxist-Leninist Sinn Feiners.

There are few defenders left of government nationalised business which leads to corruption, cronyism and stinks of bureaucracy.

That said,the senior managers of Irish banks have proved very irresponsible in creating the property bubble (though encouraged by ridiculously low interest rates) and should be sacked immediately. If their boards of directors don't sack them,it will mean Ireland's big corporates are run by an incestuous golden circle.

I hardly think SF are a marxist-leninist organisation. They are more like old fashioned bead-rattling illiterates than anything else. Handing billions over to bankers doesn't bother you but if control is taken away from the millionaire bankers and given to the people you are concerned!

Only you Pat could somehow manage to think a bank nationalisation is these circumstances was some sort of global communist plot.

[patslatt]

The purpose of banks should be to provide investment and give credit where it is of benifit to the Irish people not to collaborate with speculators, developers and short-term profiteers out to line their own pockets. The property bubble could never have occured without irresponsible banks.The private sector can never provide Ireland with the banking service it needs as it is only focused on profits for the rich and not for the needs of the people.

Historically,the banks served the country well but they got seduced by the ECB's ridiculously low interest rates into funding property speculation. THe solution is to sack the top layer of managers and guarantee a return on new bank shares for 5 to 7 years to incentivise investment of Irish share capital which has taken a terrible hammering on the bank shares.

[Podolski]

ICTU are talking about buying out the banks. It would be better to just seize them like Chavez did in Venezuela. Wouldn't go down too well with the EU but if you believe what Micheal Martin and Co say our name is already mud with the EU - might as well be hung for a sheep as a lamb.

[patslatt]

I hardly think SF are a marxist-leninist organisation. They are more like old fashioned bead-rattling illiterates than anything else. Handing billions over to bankers doesn't bother you but if control is taken away from the millionaire bankers and given to the people you are concerned!

Only you Pat could somehow manage to think a bank nationalisation is these circumstances was some sort of global communist plot.

Control given to the people? Control given to politicians who in Ireland will try to open a bank branch in every constituency, with loans divvied up by constituency according to the political importance of the TD.

As for the communist plot,you're losing your sense of humour.