Alternative to banks

Published: 20 January, 2011

• DOES anyone else share our disgust at the announcements that high street bank executives are to continue to pay themselves enormous bonuses even as the taxpayer continues to support them?

We are looking for volunteers to help to distribute thousands of leaflets about “The Great Bank Robbery” across Islington, Haringey and the City to make people aware they do not have to give more money towards the bonuses. With the government cutting public services to pay for the bank bail-out the bankers continue to rake up vast wealth. It seems like robbing the poor to pay the rich.

Customers of the banks paying these bonuses should really think about how they support their system by saving with or borrowing from these banks. In 2010, our credit union nearly doubled its membership, as increasing numbers of people object to the banking system and look for mutual and cooperative alternatives. More than 2,000 residents are members of the credit union, moving their business from the banks. 

In the last 12 months we estimate members saved more than £300,000 in interest by using the credit union’s low-cost saver loans instead of the traditional financial services sector. 

If any readers would like to volunteer to distribute publicity materials or would like further information about the credit union, call 0207 561 1786 or email info@iccu.coop. 

MARTIN GROOMBRIDGE
Manager, Islington and  City Credit Union
N19