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Thread: IBF to kill off Credit Unions????

  1. #1
    Politics.ie Member cabledude's Avatar
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    Default IBF to kill off Credit Unions????

    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?...06C0001Sct.htm
    Last edited by cabledude; 3rd February 2013 at 10:38 PM.
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  2. #2
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    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.
    "Always do right. This will gratify some people and astonish the rest." Mark Twain

    “When a government is dependent upon bankers for money, they and not the leaders of the government control the situation, since the hand that gives is above the hand that takes. Money has no motherland; financiers are without patriotism and without decency; their sole object is gain.” Napoléon Bonaparte

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    Politics.ie Member Northsideman's Avatar
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    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.
    People sleep peaceably in their beds at night only because rough men stand ready to do violence on their behalf.
    George Orwell

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    Moral hazard, boys and girls.

    Banks are untouchables.

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    Quote Originally Posted by ShoutingIsLeadership View Post
    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

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    Politics.ie Member southwestkerry's Avatar
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    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
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    Politics.ie Member Burnout's Avatar
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    We need to keep an eye on this. Any official comment around yet?

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    Quote Originally Posted by moycullen14 View Post
    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!

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    Doesn't matter boys and girls, bust banks... bust credit unions...same thing,

    It's all just the corrupt state,

    Credit unions to get

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    Ribeye

    Credit Unions are not "bust"

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