The Central Bank of Ireland; Public or Private?
Working in the public interest?
In 1939 Seán T O’Kelly was appointed Minister of Finance.
He secured the passing of The Central Bank Act1942.
On July 17th 1942, at the fifth and final stage of the Dáil debate on the “Central Banking Bill”, he argued that the owner of the credit issued by the Central Bank of Ireland should be the private property of the joint stock banker and not the property of the people of Ireland.
This debate was carried, with just five TDs present in the Dáil.
- The owners of the credit (the country’s money supply) issued by the CBoI is the private property of the stock bankers, not the people of Ireland.
- The Irish people do not own the countries money supply. It is the private property of the CBoI stock bankers.
- The CBoI is now controlled by the unelected & unaccountable ECB.
- Up to the passing of The Central Bank Act1942 credit creation was controlled by Currency Commission.
Does it matter?
The passing of The Central Bank Act1942 has meant that all credit/money since has been issued by the CBoI as debt with interest due on it through the Private Banks in Ireland; the only exception to this is the 4% notes and coins in the economy, 96% of money in the economy is now electronic; digits on a computer.
The interest paid to private banks is taken out of the community and often out of the country. Interest averages out between 35 to 45%, ranging from 12% on refuse collection to 75% on rented accommodation. (Prof Margrit Kennedy)
The US FED
An excellent video by Eustace Mullins:
In the video he speaks about the setting up of the FED (The US Central Bank) in 1913 under very similar dodgy circumstances.
Eustace Mullins Video – The Magical Money Machine
Retrieving the situation:
The creation of credit for the benefit of the people, lost to the CBoI in 1942 and later transferred to the ECB is returned to the people by the introduction of Public Banks. The interest charged on loans from the Public Bank is used for two purposes;
- To increase equity in the Public Bank (No bonuses paid) and
- Any excesses are returned to the community in the form of grants for social projects. (No private shareholder return)
The interest charged by a Public Bank is essentially just a fee as there is no private profit gained from it.
The credit can be focused towards the productive needs of the community.
Mr. James Dillon a Donegal TD vigorously opposed the Central Bank Act1942.
Random quotes from James Dillon TD in the Dáil debate.
Mr. Dillon: I am out to prove now (1) that credit money exists; and (2) that that credit money belongs to us and not to the joint stock banks, and that we and not the board of directors of the joint stock banks should be the authority to determine what is to be done with that asset.
Mr. Dillon: I am talking about credit money and I want to demonstrate what credit money is. I say that it is the very heart and soul of the Bill— where the ownership of that credit money lies. I say that the Bill places that ownership with the joint stock bankers. I contend that it is our property and surely I am entitled to claim that it is? On what other Stage can I deal with it. I am saying that what is in the Bill is the allegation that that money belongs to the bank. I am claiming it now for myself and my fellow-citizens. Is that not in order?
Full debate in the Dáil:
Dáil Éireann – Volume 88 – 17 July, 1942 – Committee on Finance. – Central Bank Bill, 1942—Fifth Stage. (Seán T O’Kelly is referred to as Mr. O Ceallaigh in the debate)
A more detailed article on the subject of the passing of The Central Bank Act1942, here on Beacon-Ireland.
Thank you for your time,
Financial Institutions that Serve the Real Economy.
Dr Thomas Keidel,
German Savings Banks Association
12 min YouTube Video
What drove the Financial Crisis?
A Banking crisis into a Sovereign debt crisis.
Dr Thomas Keidel –
the German Sparkassen Savings Bank Association.
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Alex Templeton speaking at ECOBATE - UK - 2013
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