PBFI – Press release – 13th Nov 2015



Press release – 13th Nov 2015

To everyone interested in having cash and BEING DEBT FREE.

The Irish people bailed out the privately owned commercial banks in Ireland and across Europe at a cost of €15,000 for every many woman and child in the country. The Bail-out continues; every month, for every, man, woman and child in Ireland, €300 leaves this country, in interest payments; that is €16.5bn p/a. leaving Ireland, going to private commercial financial institutions.

The commercial banks dictate: Bank of Ireland, being a so called ‘pillar’ bank, has just dictated to its customer’s new rules of engagement; redefining customer care! BoI being a private commercial bank, with over 40% of the market, believes it can do as it wishes, regardless of what the public think. The Bailed out commercial banks and the Central Bank of Ireland, control Ireland by controlling the credit/money supply of the country. The legacy of debt resulting from the bail-out ensures our servitude to this system for the foreseeable future.

Total annual interest bill: What is the total annual interest bill to the Irish people for granting the ECB and the private commercial banks control over credit creation for the country?  Is it €20 billion p/a on top of the bail out?

Did you ask for a 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. If people want cash, they should have cash.  This should never be a bankers decision.

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 key role of the European Central Bank was glossed over.

Did key bank people have their shares sold before the crash came? Where exactly did all of the bail–out money go? Where did all the billions invested by Irish investors in the banks go?

Mark to Market (true value) 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. A new property bubble has been created and is being touted as economic recovery.

Depositors are unsecured lender: Remember also, depositors are unsecured lenders to the commercial banks. These banks now have the guarantee of a Bail-in for when they falter again.

Serious discussion: The PBFI demands a serious discussion and serious action on the absolute need for a comprehensive public banking service to cater for all members of the public and the SME sector, and to provide safe havens for deposits, away from the self-serving, dysfunctional, greedy commercial banks.

Credit Unions and the An Post Network must be allowed to grow and develop. The arrogant dictates of the CBoI and commercial banking gurus must be undone.

10 new ethical solvent Regional Public/Community Banks: For less than €40 per man woman and child, over a 5 year period, we can have 10 new regional community banks, solvent, functioning, and perfectly safe for depositors. These Public Banks will be designed to prohibit securitisation practices. Credit creation for speculative purposes must be strictly prohibited; this practice was mainly responsible for the creation of Ireland’s bubble and inevitable bust.

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

In the current commercial banking system, the only way to get extra money into the economy is as debt with interest due to the commercial banks. It is you through your toil and talent that gives this money its value.

Your future is at stake. It is your choice; demand community /public banks that are there to serve the community, and crucially, recycle and retain the interest within your community.

 Issued on behalf of the PUBLIC BANKING FORUM OF IRELAND.

Séamas Ó Muilleaneoir


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