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 Would you like to see an ethical bank operating in Ireland?

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Would you like to see an ethical bank operating here?
Yes
90%
 90% [ 18 ]
No
10%
 10% [ 2 ]
Total Votes : 20
 

AuthorMessage
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PostSubject: Re: Would you like to see an ethical bank operating in Ireland?   Tue Nov 25, 2008 7:12 pm

A suggestion as to how to make it seem more worthwhile to Triodos to venture into a new market - which is asking a lot of ANY bank in the present turmoil.....

Entry into a new jurisdiction must be a significant barrier - if only because of the time and effort needed to understand a new market, to get to know the legal system etc - not to mention the cost of registration with the relevant regulator. (Somehow, I doubt that it's free!)

So can we help them build the critical mass they need?

Many readers must be members of organizations that might deposit funds with Triodos or borrow from them if they entered the Irish market - that must be at least as great an attraction to a bank as individual accounts, although they do count too!

Triodos could announce a date for some kind of introductory meeting in Dublin. This might take the form of an email that explicitly invites forwarding to anyone interested, with a reply address at Triodos for people to register an interest (or request a ticket). Given a couple of months for the word to spread, I reckon they'd get the kind of turnout they'd need. Viral marketing?

Perhaps someone who is in communication with Triodos could pass on this suggestion? I think it would be more productive than a flood of individual emails.

Duncan
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PostSubject: Re: Would you like to see an ethical bank operating in Ireland?   Tue Nov 25, 2008 8:27 pm

That is a very interesting suggestion Duncan. Your very welcome here, by the way Very Happy
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PostSubject: Re: Would you like to see an ethical bank operating in Ireland?   Tue Nov 25, 2008 9:18 pm

When I last worked in the UK I had a frustrating experience trying to activate a bank account with NatWest, who I had banked with in the past. Thankfully around the corner from where I worked was a branch of the Co-operative bank. I was very happy with them and they do in fact have a branch in Belfast. An all round decent bunch to deal with.
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PostSubject: Re: Would you like to see an ethical bank operating in Ireland?   Tue Nov 25, 2008 11:55 pm

Duncan wrote:
A suggestion as to how to make it seem more worthwhile to Triodos to venture into a new market - which is asking a lot of ANY bank in the present turmoil.....

Entry into a new jurisdiction must be a significant barrier - if only because of the time and effort needed to understand a new market, to get to know the legal system etc - not to mention the cost of registration with the relevant regulator. (Somehow, I doubt that it's free!)

So can we help them build the critical mass they need?

Many readers must be members of organizations that might deposit funds with Triodos or borrow from them if they entered the Irish market - that must be at least as great an attraction to a bank as individual accounts, although they do count too!

Triodos could announce a date for some kind of introductory meeting in Dublin. This might take the form of an email that explicitly invites forwarding to anyone interested, with a reply address at Triodos for people to register an interest (or request a ticket). Given a couple of months for the word to spread, I reckon they'd get the kind of turnout they'd need. Viral marketing?

Perhaps someone who is in communication with Triodos could pass on this suggestion? I think it would be more productive than a flood of individual emails.

Duncan

There are a lot of people really hanging on to end of their tethers here now with mortgage repayments up to the back of their eyeballs.... many of these people would be looking for consolidation loans to stave off extra interest bleeding away and cannot get money from banks here now .. one guy on ask about money even asked the forum for 45k and said he'd pay back x interest for 9 years Shocked

These people could be a target market for some new lending institution but would they lend to them (often civil servants)
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PostSubject: Re: Would you like to see an ethical bank operating in Ireland?   Tue Nov 25, 2008 11:58 pm

Ronald Binge wrote:
When I last worked in the UK I had a frustrating experience trying to activate a bank account with NatWest, who I had banked with in the past. Thankfully around the corner from where I worked was a branch of the Co-operative bank. I was very happy with them and they do in fact have a branch in Belfast. An all round decent bunch to deal with.

I used to shop in the Co-op stores as a child - I was a member and had a dividend. It looked a bit crappy inside but the goods were fine. There was a co-op stores in North Kilkenny in the mining area - empty now since the mines closed.

I wonder is there a big difference between a Co-operative Bank and a Credit Union ?
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PostSubject: Re: Would you like to see an ethical bank operating in Ireland?   Wed Nov 26, 2008 1:55 am

The Co-Op are on a big expansion in the UK - they just bought Somerfield.

I have an account in the Cooperative bank. I have little day to day interaction with them though.
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PostSubject: Re: Would you like to see an ethical bank operating in Ireland?   Wed Nov 26, 2008 12:48 pm

Duncan wrote:
A suggestion as to how to make it seem more worthwhile to Triodos to venture into a new market - which is asking a lot of ANY bank in the present turmoil.....

Entry into a new jurisdiction must be a significant barrier - if only because of the time and effort needed to understand a new market, to get to know the legal system etc - not to mention the cost of registration with the relevant regulator. (Somehow, I doubt that it's free!)

So can we help them build the critical mass they need?

Many readers must be members of organizations that might deposit funds with Triodos or borrow from them if they entered the Irish market - that must be at least as great an attraction to a bank as individual accounts, although they do count too!

Triodos could announce a date for some kind of introductory meeting in Dublin. This might take the form of an email that explicitly invites forwarding to anyone interested, with a reply address at Triodos for people to register an interest (or request a ticket). Given a couple of months for the word to spread, I reckon they'd get the kind of turnout they'd need. Viral marketing?

Perhaps someone who is in communication with Triodos could pass on this suggestion? I think it would be more productive than a flood of individual emails.

Duncan
Good idea
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PostSubject: Re: Would you like to see an ethical bank operating in Ireland?   Wed Nov 26, 2008 2:13 pm

Just out of interest, do the two people who voted no to ethical banking services have a particular reason for voting no?
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PostSubject: Re: Would you like to see an ethical bank operating in Ireland?   Wed Nov 26, 2008 2:23 pm

floatingingalway wrote:
Just out of interest, do the two people who voted no to ethical banking services have a particular reason for voting no?

I wondered that, too.


I just got off the phone to Triodos- a very nice lady said Ireland had suddenly become a "hot topic" this week - there's a small influx of enquiries!

The society I'm in has just opened an account with them, and I explained that our several hundered memebers may be interested in banking with them, as well people connected with other community projects, independent schools, etc.

She did wonder "maybe you're the guy we're all talking about this week" lol. I hope not!

I think Duncan's suggestion (inviting a rep to some sort of seminar /information day) would be the way forward. Will mull it over and see if it's something we can work on...
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PostSubject: Re: Would you like to see an ethical bank operating in Ireland?   Wed Nov 26, 2008 2:29 pm

yehbut_nobut wrote:
floatingingalway wrote:
Just out of interest, do the two people who voted no to ethical banking services have a particular reason for voting no?

I wondered that, too.


I just got off the phone to Triodos- a very nice lady said Ireland had suddenly become a "hot topic" this week - there's a small influx of enquiries!

The society I'm in has just opened an account with them, and I explained that our several hundered memebers may be interested in banking with them, as well people connected with other community projects, independent schools, etc.

She did wonder "maybe you're the guy we're all talking about this week" lol. I hope not!

I think Duncan's suggestion (inviting a rep to some sort of seminar /information day) would be the way forward. Will mull it over and see if it's something we can work on...
The guy I was talking to yesterday said he was going to speak to senior management and get back to me in a couple of days. lets see what they have to say first. I think the big wheels are in motion
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PostSubject: Re: Would you like to see an ethical bank operating in Ireland?   Wed Nov 26, 2008 2:41 pm

I bet you anything our cartel-minded banks/government would do everything possible to discourage if not prevent Triodos from operating here.
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PostSubject: Re: Would you like to see an ethical bank operating in Ireland?   Wed Nov 26, 2008 2:45 pm

Aragon wrote:
I bet you anything our cartel-minded banks/government would do everything possible to discourage if not prevent Triodos from operating here.

Hmm. hopefully the EU will take a VERY dim view if so....
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PostSubject: Re: Would you like to see an ethical bank operating in Ireland?   Wed Nov 26, 2008 2:52 pm

You can't stop an undertaking establishing itself in another member state save for reasonable regulation which applies in an indiscriminate nature to all undertakings, both domestic and those from third party member states.

I hate to say it but I think Aragon's statement above is based more on personal dislike for 'the system' than on the actual commercial realities. We have many many foreign, and foreign owned, banks trading in Ireland both on the High Street (Ulster Bank, Halifax, National Irish Bank, First Active, ACC Bank) and based in the IFSC dealing with commercial financial services.
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PostSubject: Re: Would you like to see an ethical bank operating in Ireland?   Wed Nov 26, 2008 3:02 pm

In fact, maybe we should be working on our Green party friends to actively push for this in government? From their perspective, can't see anything that goes against their ethos. In fact, the government should be begging them to come here.

Any here friendly with a Green minister or two? Wink
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PostSubject: Re: Would you like to see an ethical bank operating in Ireland?   Wed Nov 26, 2008 3:04 pm

Aragon wrote:
I bet you anything our cartel-minded banks/government would do everything possible to discourage if not prevent Triodos from operating here.

There is nothing to stop Triodos operating here - nothing at all - once they fulfill the basic requirements set down by the Financial Regulator.

Maybe they simply havent seen a market for their product here - or that theirs is a niche market business and the Irish market is very small from an international point of view.

Oh Yeah - I voted no - not for any logical reason - just for the gallery - there needs to be a bit of balance against all ye PC lot Very Happy
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PostSubject: Re: Would you like to see an ethical bank operating in Ireland?   Wed Nov 26, 2008 3:12 pm

Edo wrote:
Aragon wrote:
I bet you anything our cartel-minded banks/government would do everything possible to discourage if not prevent Triodos from operating here.

There is nothing to stop Triodos operating here - nothing at all - once they fulfill the basic requirements set down by the Financial Regulator.

Maybe they simply havent seen a market for their product here - or that theirs is a niche market business and the Irish market is very small from an international point of view.

Oh Yeah - I voted no - not for any logical reason - just for the gallery - there needs to be a bit of balance against all ye PC lot Very Happy

Subvert the system from within, eh? You Radical!!! Wink

Your suggestion is a possibility, but I don't know if they ever researched the Irish market or not - hence the point of this excerise, i suppose.
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PostSubject: Re: Would you like to see an ethical bank operating in Ireland?   Wed Nov 26, 2008 3:24 pm

I would like to give my support to moving this forward. I would like to have a look at Triodos again as it is weeks since I first did. Where they keep their money, what their lending ratios and charges and so on and how sound is their current position.

I'm also very open to looking at the Co-op Bank and the CUs potential - there was a lot of talk a few years ago about the CUs having cheque books and so on - I wonder what happened to that.

What would be good would be a basic comparative review of the ethical-non-mainstream options. There might be more than one option, and different ones might suit different people. I do a bit of research online at the weekend: who is the member here who is involved in the Credit Union movement?

If our Banks are going to be asset stripped its a matter of some urgency.

I wonder where Moslems in Ireland bank ?

Can I suggest that we set up information only threads for each banking option and keep the discussion here?
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PostSubject: Re: Would you like to see an ethical bank operating in Ireland?   Wed Nov 26, 2008 7:09 pm

Their brochure is very informative and gives a list of all the companies they invest in, including several Irish companies. It's worth requesting one to have a look
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PostSubject: Re: Would you like to see an ethical bank operating in Ireland?   Mon Dec 01, 2008 8:37 pm

http://www.independent.co.uk/news/uk/home-news/council-to-launch-bank-of-essex-1042727.html

Did anyone see this today? Essex County Council is setting up an investment bank for small businesses in the County.

I great idea I think if it is true that there are viable companies who have had their working overdrafts stopped. The Councils have a good knowledge of the local economy.
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PostSubject: Re: Would you like to see an ethical bank operating in Ireland?   Mon Dec 01, 2008 8:53 pm

cactus flower wrote:
http://www.independent.co.uk/news/uk/home-news/council-to-launch-bank-of-essex-1042727.html

Did anyone see this today? Essex County Council is setting up an investment bank for small businesses in the County.

I great idea I think if it is true that there are viable companies who have had their working overdrafts stopped. The Councils have a good knowledge of the local economy.
Please Please Please nobody tell Galway City Council [shudders in darkened room]
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PostSubject: Re: Would you like to see an ethical bank operating in Ireland?   Mon Dec 01, 2008 8:55 pm

floatingingalway wrote:
cactus flower wrote:
http://www.independent.co.uk/news/uk/home-news/council-to-launch-bank-of-essex-1042727.html

Did anyone see this today? Essex County Council is setting up an investment bank for small businesses in the County.

I great idea I think if it is true that there are viable companies who have had their working overdrafts stopped. The Councils have a good knowledge of the local economy.
Please Please Please nobody tell Galway City Council [shudders in darkened room]

Would they take all your money and give it too their friends?
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PostSubject: Re: Would you like to see an ethical bank operating in Ireland?   Mon Dec 01, 2008 8:56 pm

I'm trembling too much to type
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PostSubject: Re: Would you like to see an ethical bank operating in Ireland?   Fri Dec 05, 2008 1:29 am

Anyone heard any more from Triodos recently? I'm going to look further at the idea of a seminar/ info day sometime next year. A society I'm involved in may consider helping to sponsor/ co-host an event. We'll be meeting over the Christmas period, and will of course keep yiz posted.
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PostSubject: Re: Would you like to see an ethical bank operating in Ireland?   Fri Dec 05, 2008 1:34 am

yehbut_nobut wrote:
Anyone heard any more from Triodos recently? I'm going to look further at the idea of a seminar/ info day sometime next year. A society I'm involved in may consider helping to sponsor/ co-host an event. We'll be meeting over the Christmas period, and will of course keep yiz posted.

Please do. It looks like you've got a healthy vote of confidence from this little forum anway (vote still open on top folks). I can still send them a machine nation email alien

I'd like to know a little bit more - do they charge less interest ? The ECB rate is 2.5% now - that's plenty enough for anyone. Surely to god a sustainable ethical bank wouldn't want fevered growth so they'd charge a fraction of the interest of the normal sharks ? Bit of a conflict of interest if it was otherwise, no ?
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PostSubject: Re: Would you like to see an ethical bank operating in Ireland?   Fri Dec 05, 2008 1:35 am

yehbut_nobut wrote:
Anyone heard any more from Triodos recently? I'm going to look further at the idea of a seminar/ info day sometime next year. A society I'm involved in may consider helping to sponsor/ co-host an event. We'll be meeting over the Christmas period, and will of course keep yiz posted.

Im interested too. I see that one of the credit unions is going to provide a debit card. That's good, but its a cheque book that's really needed if someone wanted a business account.
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