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Thread: A new co-operative bank?

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    Politics.ie Member roc_'s Avatar
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    Default A new co-operative bank?

    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?
    “Words are animals, alive with a will of their own”.

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    Quote Originally Posted by roc_ View Post
    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.

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    It's an interesting question and the answer is that it's not easy

    How Banking Works in Ireland - How to start a bank in Ireland

    But if anyone were to start kicking things off, I would be willing to become a shareholder whether in a PLC or Co-operative bank, just on a point of principle
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    Politics.ie Member Libero's Avatar
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    Quote Originally Posted by roc_ View Post
    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.

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    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.

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    Quote Originally Posted by Libero View Post
    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?

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    Politics.ie Member jackryan's Avatar
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    How would it be different to a credit union?

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    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.
    The future saviour of the Irish Economy: Charles Darwin

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    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.

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    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.

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