Saturday 24 March 2018

Martina Devlin: We must protect citizens from our ruthless banks

Fancy a career in banking? There are still some promotion opportunities -- although you do realise 'banking' is now a euphemism and that a banker's function is to act as a debt collector.

This struck me forcibly on a plane journey between Liverpool and Dublin a few days ago when I sat beside two bankers. There was a lot of talk about their duty to shareholders and how personal feelings mustn't colour commercial decisions, which translated as: "We have to do things we really aren't comfortable with -- but better that than unemployment and mortgage arrears for ourselves."

Banks are doing virtually no lending. Staff's focus is money retrieval. Banking always had a debt-collection element, but today it is the primary role.

Please sign in or register with for free access to Opinions.

Sign In

Today's news headlines, directly to your inbox every morning.

Don't Miss