The Public Banking Alliance and its 2016 Election Campaign came about as a result of a negative response from the Minster for Finance to an appeal from the Public Banking Forum of Ireland (PBFI) to the Minster to introduce or support the introduction of a Public Banking System to Ireland.
The Public Banking Alliance is made up of 2016 General Election Candidates who support the Public Banking initiative, i.e. to introduce a comprehensive Regional Community Banking System to Ireland.
With the the main objectives of,
- Supporting Small Businesses and families
- Strengthening and empowering communities
- Providing safety for depositors
In Ireland Small and Medium Size Businesses (SME’s) provide 70% of all our jobs. The Minster saw no contradiction in telling us that he was fully satisfied borrowing money from a German Public Bank, the KfW, channeling it through the Strategic Investment Corporation of Ireland and own-wards to the Irish Commercial Banks, for them to on-lend to Irish SME’s.
The interest being paid to the KfW probably would setup a Public Bank here.
He also stated there was a suppressed demand for SME financing, while Q4, 2015 ISME members survey shows SME demand for funding at 35% and a refusal rate of 48%. ISME represents 9,500 SME’s. ISME Link:
The Current situation with the Commercial Banks is that your savings are not safe in them; depositors are classed as unsecured lenders to the bank. Recently in the Cyprus Bail-in the banks took 47.5% of depositor’s money over €100k.
The PBFI saw no alternative but to work to put public representatives in the Dáil who support the Regional Public Banking project and will work to introduce a Public Banking System that will properly support the crucial SME sector and the regions.
We invite all to join and support this vital project.