CATHOLIC PRIMATE Cardinal Seán Brady has suggested that with confidence in commercial banks declining, the time may have come for responsible Catholic economists to take the lead in developing credit union-type institutions.
These would focus on systems of lending, saving and insurance built on an ethic of authentic human development, the cardinal stated at the opening of the national novena in Knock shrine, Co Mayo, on Thursday.
In a major homily, Cardinal Brady, dwelling at length on the current economic slump, said “it would be tragic if nothing was learned from the recession”.
Addressing thousands of pilgrims on the theme “Seeds of Hope”, the cardinal said it was probably an understatement to say that confidence in many commercial banks was declining and that disillusionment was setting in.
He asked: “Has the time not come for responsible Catholic economists to take the lead in developing some not-for-profit systems of lending, saving and insurance, built on an ethic of authentic human development?