What are banks for now, anyway? A while ago you would have said they were in the business of lending money, but now they’re so in debt themselves they can’t afford to.¹ When we were innocent we were told that they were for keeping our money safe, but there was a woman on the radio this morning whose bank – ‘Permanent’ TSB – allowed someone to set up a direct debit that withdrew the maximum amount from her account each day until it was emptied. Yet they had the audacity to tell her that policing the account was not their responsibility. In other words it is up to us to protect our savings. Apparently, now from the banks themselves.
I don’t want to have an account with any of these bastards, but I am forced to – and they are forced to make money from me. Money they can then blow on unfinished luxury gated communities in Romania. They are clearly useless overfed pigs of organisations, and rationalizing them into a duopoly is hardly going to improve the situation.
You know what is going to replace banks in this country? Not NAMA, not state-run ones, not foreign banks either. Phone companies. O2 now offer a service which is essentially a debit card you can use internationally; something the banks, with their rather half-arsed Laser system, failed to provide. I can go into one of O2’s shops – probably more numerous than banks these days – and put cash onto that card instantly. (You can transfer from a bank account too, but you don’t have to.)
Meanwhile, there are other systems that allow purchases made over your phone to be added to your phone bill, and are therefore new alternatives to credit cards. As phones are becoming all-purpose electronic devices, it is pretty obvious that they are going to be our wallets. And the lovely thing about this is that our fat, useless, greedy banks will be entirely bypassed.
- The government is actually talking about turning NAMA into a lender, on the (perhaps flawed…) logic that if it does one thing our commercial banks have disastrously failed to do – manage assets – it can do the others as well.