That co-op bank idea

At the end of November, I mulled here the idea of getting a co-op bank established in Ireland. Sonofstan had suggested that the ICTU would be a useful organisation to act as the catalyst. This week, I will try to get a motion on the topic on the agenda of my own union’s branch AGM. Others are welcome to copy and adapt for their union.

Establishment of a co-operative bank in Ireland

“(1) This ADC notes the following developments in the not-for-profit financial services sector in Ireland
(a) that the EBS is about to be sold to a private company,
(b) that the INBS is also likely to cease trading as a mutual, and
(c) that some years ago the TSB was “sold” by the government to a for-private-profit company.

(2) This ADC notes that in light of those developments, the only options available individuals in Ireland for large financial tasks such as mortgages or many necessary services like a current account or an ATM account is now to bank with a for-private-profit company.

(3) This ADC notes that credit unions may still continue to exist but that
(a) credit unions are restricted in the range of services they can provide, and
(b) under the recently enacted Credit Institutions (Stabilisation) Act 2010, the position of credit unions as membership-driven could be ended under the powers given to Minister for Finance to transfer the business of a credit union, which do not require that any such transfer must be to another not-for-profit.

(4) This ADC believes
(a) that there is a need for an alternative to be created to enable people in Ireland to have a real choice in ordinary retail financial services like credit cards, ATMs, mortgages, cheque books, motor loans, etc., and
(b) that such an alternative could usefully take the form of a co-operative bank similar to ones available to people in other EU countries, and
(c) that the trade union movement has a large enough membership and has the structures and resources to explore the feasibility and to act as the catalyst for setting up a co-operative bank in Ireland.

(5) Therefore, this ADC instructs
(a) the incoming Executive Committee to request the ICTU to investigate the possibility or options for the establishment of a co-operative bank that would provide retail banking services, such as mortgages, current accounts, ATM accounts, and the full range of other retail financial services for individuals (to members generally in addition to, public servants and trade
union members), and
(b) the incoming Executive Committee to campaign vigorously within ICTU on this matter and to report to ADC 2011 on progress achieved or on any related issues of consequence.”