Public Consultation on Community Banking: – Submissions now Published:
PBFI, having commenced the campaign to introduce Community Banking into Ireland as far back as 2013, is delighted to have played such a significant role in having its proposals to introduce Public / Community Banking included in the current Programme for Government.
Arising from this, Minister Michael Ring is to be commended for initiating a Consultation on a proposed new model of community banking, such as the Kiwibank (Post Office Banking) model in New Zealand or the German Sparkassen model of local public banks that operate within well-defined regions.
A total of 16 submissions were made to the joint Department of Arts, Heritage, Regional, Rural and Gaeltacht Affairs / Department of Finance and all are now available on the web: –
It is fantastic to see so many submissions, virtually all based on PBFI’s ongoing awareness program. Though not all identical to PBFI’s submission, very substantial common ground has been established across a wide range of organisations such as CUDA (Credit Union Development Association), ILCU (Irish League of Credit Unions), Fianna Fáil, Sinn Fein, Labour, Green Party, Rural Independent Alliance, IPU (Irish Postmasters Union), IRL (Irish Rural Link), An Post, BRUI and a number of individuals.
The submission from Kevin Mc Sherry tells us all we need to know about our dysfunctional pillar banks that pretend to fund the indigenous economy. We are delighted that CUDA has come out so strongly against corporatizing Credit Unions as this process would only lead to a sell-off of Credit Unions to global banking players in the long run (akin to what happened to New Zealand’s PostBank in 1989).
In its submission, An Post has demonstrated its commitment to getting involved in full service community banking so the infrastructure and expertise are readily available.
It is brilliant to have Fianna Fáil on board the Community Banking train and should be FF leader John McGuinness is owed our sincere thanks. Sinn Féin and the Greens have for some time been stout supporters of Community Banking and are now joined by the Social Democrats, Rural Alliance, Independents4Change, AAA/PBP, DDI-NCM, R2C, the Labour Party and virtually every independent TD; the Community Banking move is very definitely on.
The Community Banking cause has been further boosted by the upcoming departure of Michael Noonan. What was it about Noonan’s style, his misguided love affair with pillar banks, ECB, Troika, NAMA, Vulture Funds and Tax Havens? The one thing Noonan lacked was any semblance of an understanding of how the banking sector / credit creation etc works; he was like Fr. Dougal, understanding it all but just not getting the immaculate conception bit! Credit Creation in the 21st Century is the nearest thing we have to the immaculate conception. Noonan has departed and not before time. It is to be hoped that Fine Gael now begin to see the light on Community Banking.
PBFI gratefully acknowledges the support of so many organisations and individuals across the country without which its proposal document “Creating Ireland’s Alternative Banking Force” would not have been possible. Since the launch of this preliminary proposal, the PBFI have taken feedback from many sources and will publish its final proposal shortly.
The PBFI Executive. 18-5-17