John McGuinness: It is high time that we let credit unions enter the banking game
Credit unions, a generations-old financial institution, whose current strength is personal lending, have €16bn in un-lent reserves. They are willing to expand into mortgages, SME lending, and more in a careful manner. Why are we waiting? File photo
Banking is about power and profit, not about social responsibility, the promotion of which is simply a cynical marketing tool. Conversely, politics is about people and the first duty of government is to keep its people safe.
A lack of social responsibility is clearly evident in the housing market. Scandal after scandal, caused by people’s homes being recklessly treated as an asset class by banks, has rocked Ireland and various other countries since the sub-prime mortgage fiasco in Florida in 2008 revealed just how little social responsibility counts when irresponsible lending can be made to pay.
