Government urged to intervene to replace old building societies

A South Donegal TD says the government should establish a community bank to offer an alternative to the profit driven model offered by the main financial institutions.

Suggesting that either An Post or the Credit Unions could provide the structure for such a move, Deputy Marc McSharry told the Dail that some form of government intervention is needed to replace the old building societies which were rooted in the community.

He said recent decisions by Bank of Ireland and Ulster Bank will prompt other banks to follow suit: