Press release; PBFI;


By : Séamas Ó Muilleaneoir

To everyone interested in having cash and NOT BEING IN DEBT.

Irish tax payers, some not yet born, have bailed out commercial banks, because these banks along with the CBOI run and control Ireland by dictat.  Now, Bank of Ireland, being a  pillar bank, has just dictated to its customers, new rules of engagement. Who asked for the 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. Mark to Market 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. 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 role of the ECB was glossed over. What is the total annual interest bill to the Irish people for granting the private banks control over credit creation>?.is it €20 billion p/a on top of the bail out?  Did key bank people have their shares sold when the crash came? Where did all of the investment monies go to?

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, the SME sector, and to provide safe havens for deposits, away from dysfunctional, greedy commercial banks. For less than €40 per man woman and child, over a 5 year period, we can have 10 new community banks, solvent, functioning, and perfectly safe for depositors. Credit Unions and the An Post Network must be allowed to grow and develop. The arrogant dictates of the commercial banking gurus must be undone. If people want cash, they should have cash, and this should never be a bankers decision. Community banks can be easily designed to exclude securitisation practices and indeed credit creation for speculation. Remember also, depositors are UNSECURED  LENDERS TO THE COMMERCIAL BANKS.

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

 Money just represents peoples’ energies and talents, NOT false DEBTS. Your future is at stake. It is your choice. Demand community /public banks.

Issued on behalf of the PUBLIC BANKING FORUM OF IRELAND.

Séamas Ó Muilleaneoir