UserName

I do realise that Mike Higgins knows a load more about banking than I do, but I'm puzzled by this idea.

He's saying that the banking industry has cocked up bigtime, and that a local bank couldn't do any worse.

But...... in the same way that no man is an island, don't all the various players in the money world all depend upon each other? Where would the new local bank invest that would be so much more secure than any other bank could manage? Or do they intend to take money from depositors and just stick it in the safe without earning with it and paying interest?

How would the money be put to work, safely, without it all disappearing into the system which has failed?

Censored

A local bank could be set up if there was the will to do so. If people's deposits were guarenteed by this bank I would use it thats for sure, as at present there is no deposit security legilsation in Jersey that I am aware of.

A co-operative type bank for the ordinary person with small savings would cut out the shareholders needing their slice of the action as the shareholders would be those investing.

At present there is no such thing as the old adage as safe as a bank account. With more dubious investment practices flooding the market place we are only going to get more bank failures and other investment failures as more of these get rich quick schemes go to the wall. Once confidence goes the true cost of all these type of funds will come home to roost. However there will always be someone who will benefit from all of this misery.