Friday, 27 August 2010
A SCOTTISH PEOPLE'S BANK
A group of prominent Scottish business people are investing around £10m into the Airdrie Savings Bank. The Savings bank, which currently has seven branches in North Lanarkshire, is this year celebrating its 175th birthday. It is Scotland's only surviving independent savings bank and operates as a mutual so has no shareholders, it does not pay out dividends. The investors, who include Sir Tom Farmer (the founder the Kwik Fit), Sir David Murray (a major shareholder in Rangers Football Club and chair of the property-to-metals group Murray International Holdings) and Brian Souter (chief executive of the Stagecoach transport group), amongst others are helping the Lanarkshire bank expand and lend to more businesses. Now that's an interesting idea...
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Indeed. Although I hasten to add that far more needs to be done in promoting the services credit unions and the like offer.
ReplyDeleteA Welsh People's Bank cannot come soon enough.
I actually think Wales' could radically alter its economy based on better principles than casino capitalism.
http://www.grameenfoundation.org/
Microfinance, a sovereign wealth fund from renewable energy and a banking guarantee so all can have access to basic banking services would be a good start.
A welsh futures market also.