We need public banks that are for the people and by the people

Irish tax payers, some not yet born, have bailed out commercial banks, because these banks along with the Central Bank of Ireland run and control Ireland by diktat.

Now, Bank of Ireland, being a pillar bank, has just dictated to its customers, new rules of engagement. Who asked for the cashless society? Did we have a vote for a cashless society? Government is on board, as evidenced by the recent budget’s extra charge at the ATM.

Mark to Market accounting is still conveniently ignored so banks can appear solvent with almost Celtic Tiger property prices, despite the fact that vulture capitalists may still acquire stressed assets at 10 cents in the euro.

The bank inquiry has done its job of blindsiding the public once again; no one was required to explain why the ‘credit switches’ were left on when the economy was scheduled to bust as far back as 2000.

The role of the ECB was glossed over. What is the total annual interest bill to the Irish people for granting the private banks control over credit creation? Is it it €2 billion per year on top of the bailout? Did key bank people have their shares sold when the crash came? Where did all of the investment monies go to?

The Public Banking Forum of Ireland is calling for a banking service to cater for all members of the public, the SME sector, and to provide safe havens for deposits, away from dysfunctional, greedy commercial banks.

For less than €40 per man, woman and child, over a 5-year period, we can have 10 new community banks, solvent, functioning, and perfectly safe for depositors.

Credit Unions and the An Post Network must be allowed to grow and develop. The arrogant dictates of the commercial banking gurus must be undone. If people want cash, they should have cash, and this should never be a bankers’ decision. Community banks can be easily designed to exclude securitisation practices and indeed credit creation for speculation. Remember also, depositors are unsecured lenders to the commercial banks.

Recent estimates from the US, suggest the American people can save close to $3 trillion p/a through comprehensive public banking services. The pro-rata Irish figure might be as much as €30 billion per annum

Money represents peoples’ energies, efforts and and talents. Your future is at stake. We need to examine community or public banks.

Séamas Ó Muilleaneoir

Public Banking Forum of Ireland

Kilbeggan

Co Westmeath