We need to have our own Bank

sligounited · 21-02-2023 1:41am #1

Talkin to my mate Henry, and he says we should create our own Bank, like the way AIB Bank was founded in 1966.

With this new Bank, there is nothing we can't achieve, united together.

Can Bit coin with Public/Private RSA secret keys help with this?

dotsman · 21-02-2023 4:04am

AIB wasn't founded in 1966. It was a merger of smaller banks that had been around since the 19th century (hence the "Allied" and "Banks" in "Allied Irish Banks").

To start a new bank capable of taking on the big boys would require at least a billion, probably two, or even three.

And no, bitcoin would not help. In fact, it would be a hindrance.

Geuze · 21-02-2023 4:20am

https://www.boards.ie/discussion/2058285205/we-need-to-have-our-own-bank

Who is "we"?

If you are referring to the State, please note that we own a slice of AIB, and we fully own PTSB.

Geuze · 21-02-2023 4:21am

https://www.boards.ie/discussion/2058285205/we-need-to-have-our-own-bank

Banks borrow and lend money.

Bitcoin is not money.

Therefore it is not relevant to banks.

sligounited · 21-02-2023 5:41am

https://www.boards.ie/discussion/comment/120268324#Comment_120268324

when was the entity with the name AIB formed.

Don't be pretty

Speedsie · 21-02-2023 8:39am

Maybe get in touch with David Fishwick who set up Burnley Savings & Loan in 2011 ( aka Bank of Dave).

AIB was an amalgamation of pre existing banks, so isn't the same.

https://www.burnleysavingsandloans.co.uk/about/

Edited to correct the year!

thinkabouit · 21-02-2023 9:39am

I think it’sa great idea

Badly Drunk Boy · 21-02-2023 11:17am

https://www.boards.ie/discussion/comment/120268331#Comment_120268331

I think the "we" is the OP and his friend Henry.

https://www.boards.ie/discussion/comment/120268348#Comment_120268348

He probably can't help being pretty! 😉

megaten · 21-02-2023 11:23am

Join your local credit union OP and you are technically a shareholder.

21-02-2023 11:25am

https://www.boards.ie/discussion/comment/120268324#Comment_120268324

That’s not even to mention getting Central Bank authorisation and the time it would take.

Didn’t reovlut cancel their plans here (or some at least) because of delays getting a banking licence?

edit: same with Starling Bank!

walterking · 21-02-2023 11:26am

https://www.boards.ie/discussion/comment/120268458#Comment_120268458

That's not a bank. Its operated very much similar to a credit union.

OP might be more successful opening a credit union, but the day to day banking market is now saturated here due to the number of fintechs.

Gregor Samsa · 21-02-2023 11:39am

Are you sure Henry wasn't proposing a wánk? The two words can sound similar with your mouth full.

Donald Trump · 21-02-2023 11:44am

https://www.boards.ie/discussion/comment/120269073#Comment_120269073

A wank bank perhaps?

All bases covered

Wanderer78 · 21-02-2023 12:21pm

been advocating for public banking systems similar to global models such as the german Sparkasse and the kfw for years now, probably wont happen though, wouldnt go near cryto though, tis clearly a scam....

Wanderer78 · 21-02-2023 12:23pm

https://www.boards.ie/discussion/comment/120268332#Comment_120268332

...banks create money, banks create the majority of our global money supply is the form of credit, banks are not intermediators, as is believed so by most, this is one of the main reasons that lead to the 08 crash!

21-02-2023 12:31pm

https://www.boards.ie/discussion/comment/120269295#Comment_120269295

I’m not a finance expert by any means but that doesn’t sound correct to me. Banks don’t “create” money to loan you that would imply they print more currency specifically for loans. Is it not the case they are loaning money from the stores they have?

Like I’m not mad in the head to assume that if all a banks customers withdrew their money at once they’d be absolutely fecked?

Wanderer78 · 21-02-2023 12:39pm

https://www.boards.ie/discussion/comment/120269333#Comment_120269333

...its true unfortunately, but most havent accepted this reality yet, and may never, this has been confirmed by respected sources since the 08, including some central banks themselves, banks do indeed simply just create the money for loans, this method is commonly called 'double entry book keeping', yes it sounds like a load of nonsense, but again, its been confirmed.

banking 'stores' are technically called 'reserves', but banks cannot lend from their reserves, but in order to lend, they must meet whats called 'reserve requirements', banks tend to lend first, then balance their books, they can do this by a multitude of methods, including inter bank lending....

deposits play a vital role in banks meeting their reserve requirements, deposits are a part of banking reserves, alongside other 'assets', yea if everyone withdrew at once, banks would more than likely become insolvent, and eventually, kaboom....

Ubbquittious · 21-02-2023 12:41pm

Forget about Bitcoin and RSA

What you really need is the ceremonial sword made from valyrian steel and the magic banker's top hat that can be used to cast fractional reserve money into existence from thin air.

It is hard to get this, you need millions, you need to collect blood from many virgins that will be drank at the ceremony deep in the catacombs of Kildare Street where you are sworn in as a bank owner. You may have to get a bishop or a cardinal on board to resurrect whoever was Taoiseach in 1966 to carry out the ceremony. It won't be easy but don't let that stop you

RobbingBandit · 21-02-2023 12:48pm

Bank of After Hours dress code suited and booted mandatory carrying a razor blade and 2 grams.

Geuze · 21-02-2023 2:13pm

https://www.boards.ie/discussion/comment/120269333#Comment_120269333

It is correct.

The banking system creates money.

By the process of deposits and lending, money is created.

(not cash/currency, the extra money that is created is bank deposits)

sligounited · 21-02-2023 2:26pm

I was thinking more along the lines of a University professor (rainman type charachter), who wanted to resurrect an old relic from two thousand years ago.

The professor would need high connections with guys like richie, send out "buy to let" invitations, and get the right people from the get go, careful not to be "top heavy".

The professor would need to be an expert at statistics to get the right distribution of types.

We could create a sub society within a democratic society, inviting those from various groups, IT system administrators, CCTV camera controllers, bouncers and basically lots of gatekeepers and people with decision making powers to manage a God fearing people.

What do you think?

Atlantic Dawn · 21-02-2023 2:28pm

Our current banking system is broken because repossession rules here are the worst anywhere in the free world meaning mortgage holders are paying somewhere between €50-€70k more over the life of their mortgage to cover those not paying their mortgages. Only a fool would set up a bank here offering mortgages.

Jim_Hodge · 21-02-2023 2:33pm

https://www.boards.ie/discussion/comment/120268348#Comment_120268348

They weren't being petty. AIB was an amalgamation of long existing banks. It was not founded in 1966. A name change to reflect amalgamation or consolidation of existing entities is not a founding.