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Independence of Credit Unions must be protected

national | anti-capitalism | press release

Monday October 26, 2009 20:54

by Saoirse - Republican Sinn Fein

saoirse at iol dot ie

223 Parnell St, Dublin 1

01 8729747

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The news that 26-County Finance Minister Brian Lenihan has ordered the Financial Regulator to carry out a review of the Credit Union sector should be a cause for concern. At a time when a clear and democratic alternative to the discredited and failed banking system is required more than ever the independence of the League of Credit Unions needs to be protected.

Credit Unions provide a valuable resource for working people and their communities, providing credit and lending facilities not provided by the conventional banks. The financial establishment and their friends have long resented the independence of the Credit Unions and now appear to be making a move on that independence under the guise of the present economic collapse.

The political establishment are intent on bailing out the corrupt and failed banks at the expense of this and future generations. They must not be allowed to also rob the people of an alternative and democratic banking system. Hands of our Credit Unions.

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Comments (1 of 1)

by PoorPerson

publication date

Tue Oct 27, 2009 21:33

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And imagine how well many cashflow hampered but otherwise viable small businesses would be doing now, instead of having to going bust and let their workers go if the government had instead invested a few billion in the credit unions and let the banks (especially anglo) rot in their self made beds.

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