THE PUBLIC BANKING FORUM of IRELAND IS WORKING TO ESTABLISH COMPREHENSIVE PUBLIC BANKING SERVICES IN IRELAND INCORPORATING THE POST OFFICES, THE CREDIT UNIONS AND A NETWORK OF COUNTY PUBLIC SAVINGS BANKS
- Operate on commercial principles with the aim of maximising sustainable lending and not on maximising profits.
- Operate on the Principle of “Local deposits into local loans” keeping capital in their own area.
- Surpluses remain with the Bank & within the region: Profits are used to increase equity and for non-profit purposes (the public benefit principle).
- Banned from engaging in financial speculation.
- Only allowed to lend to local people and businesses in its designated area.
- Controlled by stakeholders from the local community.
- Independent of political influence and control.
- The Joint Liability Scheme provides protection for all Savings Bank Branches.
- Mandated to finance all businesses & SMEs within their designated area.