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CSL Berks responds to Bank of England
Monday 7th March 2011
Thank you Mervyn King – it’s about time you spoke up. BUT it will make no difference. Mr King is right to say that banks “simply maximise profits next week” and they routinely exploit their customers – why?
Because no-one really cares about you and me, the ordinary people on the street.
If they did then Credit Unions – the most honest and open providers of all - wouldn’t be the most heavily regulated financial service providers of all:
How can the government justify rules for us such as:
• We are not allowed to lend more than £10,000
• Our savers are not allowed to have more than £10,000 in their savings accounts;
• We are not allowed to admit clubs, charities or social enterprises as members;
• We are not allowed to pay interest on savings accounts;
“The government and regulators have rigged the financial services market to make it very difficult for us to compete” said David Screen, CEO of Community Savings and Loans for Berkshire. “By keeping these unfair rules in place whilst letting the banks do what they like its clear nothing is going to change, it’s a disgraceful situation” he added.
Our Savers make their decision to invest with us precisely because we will lend to those in their community that are being exploited by high charges and onerous conditions, because we are owned by our members we really understand the difficulties faced in our community and the members themselves drive us – not the profit motive. We are here for our customers and members – here to help the community and until all banks are ripped apart and put back together with their customers at the centre, we will keep growing – despite the rigged market.