PUBLIC BANKING FORUM OF IRELAND: PRESS RELEASE. 2 Dec. 2013
The PBFI was set up to bring knowledge and information about public banking to the Irish people. Education is key.
Mostly, Irish people think that all banks are the same. However, there is an enormous difference between publicly owned and privately owned banks. The Credit Unions, which are not banks, are the closest thing we have in Ireland to public banks. These same credit unions are now being scuppered under the government REBO (Credit Union Restructuring Board) plan, to reduce the numbers to about 150/200, from 420. The process is well underway, courtesy of the CBOI (Central Bank of Ireland) and other external financial dictators.
Public Banking is playing a key role in the sustained growth of many countries across the world, primarily in the BRIC’s (Brazil, Russia, India & China) countries, but also closer to home in Germany. The German public banking model is very relevant to Ireland, and offers us a significant alternative to what is on offer to the Irish people and Irish businesses as we approach 2014. Our private banks, have not alone failed Ireland, but have caused endless and indescribable damage to this economy, and to the lives of Irish people.
Official Ireland is happy to support this TBTF (Too big to fail) system at the expense of Irish people, to the tune of up to 12 suicides per week, and one person emigrating every 6 minutes. Restoring these pillar banks to any form of solvency, is a crime against the Irish people, only matched by the their bailout initiated in Sept 2008. The TOO BIG TO FAIL MODEL cannot and must not be restored to its former glory. Ireland must seek a new form of banking which services the Irish people, and not private bankers.
The PBFI challenges the Irish government, Irish industry, the Irish people, the Irish credit union movement, to examine in detail the GERMAN SPARKASSEN MODEL OF PUBLIC BANKING, with a view to implementing a full and comprehensive public banking model throughout Ireland, based on that German Sparkassen model. The PBFI challenges in particular, the Credit Union movement to study this model of public banking so as to fully appreciate how the movement could be so powerful and instrumental in changing forever, how banking is done in Ireland.
Irish SME’s and middle Ireland in general are starved of money and credit in recent times. Austerity is the only thought process being worked by official Ireland. During this current crisis in Germany, the Sparkassen banks increased lending by 17%, while their private banks cut lending by 10%. Our Private Banks virtually stopped lending. The TBTF model is not a factor in Germany where there are more than 2,000 individual banks servicing its population, while next door in England there are just 5 big banks servicing its 55 million people. In Ireland, now, we have just two, which need the Credit Union movement’s cash to help them be ready for the next stress test, and that’s before the imminent bail-in to fill their black holes of debt.
Ireland needs banks which service the Irish people: Ireland needs a comprehensive public banking service. Irish people must realise the potential which PUBLIC BANKING offers. Irish people must demand :
Stability over the boom bust model: an end to TOO BIG TO FAIL BANKS: Comprehensive Public Banking services.
Join the PBFI and make public banking a reality in this country. www.republicirelandbank.com