Should We Ever Allow Private Irish Banks Again?

Ald

Given the situation I would be very nervous/cautious to see a bank privately owned in Ireland again... Whatever about the likes of Ulster Bank, NIB and Rabo Bank I don't want to see me having to foot a bill for the ****ers again...

Any thoughts?

I'm not a full blown left winger but wouldn't mind seeing a nationalised banking system. At least if anything went wrong the finger could only be pointed at the government....

PeakOutput

nationalised anything is usually a disaster all thats required is enforcement of regulation

later12

It is not within our interests to own our own domestic banking industry.

Nationalising a bank is the financial equivalent of putting it on a life-support machine; it's a temporary measure.
While on this life support, banks are pretty much in a vegetative state as regards their way of thinking and their competitive, commercial edge. It is a survival mechanism and should never be seriously looked at as a long term interest of the state nor of its banking industry.

As others have said, what is needed is a rigorous regulation system, not a nationalised industry.

We have enough difficulties without being professional bankers.

Zynks

As long as they own their risks - i.e. losses are their own problem, I have no issue with private banks, BUT, if I am expected to pay for their losses, I would rather have either fully nationalised or totally foreign owned banks.

Sand

Id agree - either they are private banks and the Irish taxpayer has no involvement in their losses, or the Irish taxpayer is on the hook for all the losses, in which case the Irish taxpayer should be getting all the gains.

We simply cant allow this private gains/socialised losses con happen again. Either its a private bank, or its not.

thebman

I think banks should be state owned because they have shown they cannot be trusted in private ownership.

Sure its political messing that helped cause the problem but when in state ownership, the government will have a harder time justifying risky bank policies.

later12

thebman wrote: »

I think banks should be state owned because they have shown they cannot be trusted in private ownership.

Sure its political messing that helped cause the problem but when in state ownership, the government will have a harder time justifying risky bank policies.

I don't support this case.

Why then, are banks in highly regulated environments largely still doing well whereas banks in unregulated environments such as in Ireland are not?

It's a regulation thing. Not a government ownership thing and government ownership will only create problems. After all the one thing more crooked than the banking sector has been the government. Imagine giving them their own banks to hold on to forever. :eek:

amacachi

later10 wrote: »

I don't support this case.

Why then, are banks in highly regulated environments largely still doing well whereas banks in unregulated environments such as in Ireland are not?

It's a regulation thing. Not a government ownership thing and government ownership will only create problems. After all the one thing more crooked than the banking sector has been the government. Imagine giving them their own banks to hold on to forever. :eek:

It depends on what kind of interference it is, in Ireland it was bubble-blowing, had it been the opposite things could've worked out.