Submitted on Sunday 16th February 2014
Published on Monday 10th March 2014
Current status: Closed
Closed: Tuesday 10th March 2015
Signatures: 3
Direct Local Councils' Bank Deposits to Building Societies.
Local Councils should practise public-centric banking by directing their deposits to building societies such as Nationwide Building Society.
There is precedence of viable public-banking solutions successfully practised by Costa Rica since 1949 and the Bank of North Dakota in the United States since 1919.
Please see www.banknd.nd.gov
Local Councils can borrow money from a Mutual Society of which it is a member at a lower rate of interest than that of any commercial bank, because a local council is a great generator of cash from its revenues that should be deposited in a Mutual Society of which it is a member.
The interest a Local Council pays on its loans benefits the Mutual Society of which it is a member, creating indirect public banking benefits such as making even more money available for the council and the public at a low rate of interest, for public utilities, business loans, etc.
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