“People feel extremely sore about how the banks acted and indeed continue to act with almost impunity and most people, given the choice, would prefer not to have to deal with them.”

Social Democrats TD Catherine Murphy has said she is disappointed but not surprised that government have chosen not to proceed with a model of public banking which could have allowed citizens to access financial products and services without being at the mercy of what has proven itself to be an unscrupulous and unreliable private banking sector.

Catherine Murphy said that many people had lost faith in private banking institutions and were seeking community based publicly owned institutions to bank with. She said that as far back as 2015, studies had shown that improving access to local finance through publicly owned institutions would improve economic recovery and development yet today’s report states that there is apparently no compelling case for the State to establish a public banking system.

Catherine Murphy said:

“The Social Democrats 2016 Manifesto included a commitment to create a community banking sector because we heard loud and clear that people wanted to bank with an institution they felt they could trust following the absolute shattering of trust that had occurred by the pillar banks during the crash. People felt and still feel, extremely sore about how the banks acted and indeed continue to act, with almost impunity and most people, given the choice, would prefer not to have to deal with them.”

“The creation of a publicly owned community banking system – such as operates successfully in many other countries – would give people an option to manage their finances in a way that is not entirely about making profits for banks engaged in home repossessions or refusing credit to small business owners, instead they could bank with an institution with a social conscience and who’s primary remit would be to ensure local banking facilities and services for local people.”

ENDS

5th July 2018