The answer to savers’ prayers?

4 Jun

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So a couple of articles caught my eye in Friday’s FT (31st May – I know this post is a bit late but the weather really has been good!). The first was a prequel to the Banking Commission’s final report – due in June apparently (let’s hope it doesn’t clash with Wimbledon).  This whinged on about the need for a more diverse banking ecosystem (“Rivals sought for Big Five banks” – of course, it would have been the Big Four a few years ago, so perhaps the arrival of Santander means a 20% increase in competition??).

The second article contained the potential solution – it featured the arrival of the new head of PopeBank – or, for the more traditionally minded, the Institute for the Works of Religion (IOR), a Teutonic gentleman by the name of Herr von Freyberg (appointed by the outgoing pope, who helpfully gave him a rosary). No it has to be said that there are a few technical difficulties to be sorted out at PopeBank, but just think of the impact it could have on the UK High Street:

  • guaranteed ethical standards
  • free advertising at every mass
  • cash distribution system already there – just drop another envelope with your account number into the collection
  • plenty of premises for extra ATM machines
  • no need to “bail in” bondholders in the event of difficulties – just ask the faithful to stump up
  • ready-made cadre of financial advisers (viz priests – touch of extra training should do it)

One might even call it a solution made in heaven!

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