Keith and Tony Visit LASA, Swansea’s Credit Union

Swansea Greens visit LASA

Greens call for a tax on Bankers’ Bonuses, and Break-up of the big banks

The Green Party is calling for a tax on Bankers’ bonuses. The tax would be taken at source, so the bank itself will pay it; and would be in addition to a new higher rate of income tax of 50% for incomes above £100,000.

A double blow for those who seek to profit by dangerous speculation with our money”, said Tony Young, Green Party Candidate for Swansea East.

The Greens are also calling for the break-up of big banks into smaller enterprises that would be more responsive and accountable to the communities they serve.

Tony Young commented, “In order to protect ourselves from a repeat of the recent financial crisis, we need to localise the banking system. We need more small local banks, like Swansea’s LASA Credit Union and the Swansea Building Society.

A credit union is a cooperative financial institution, owned and controlled by the members who use its services. Credit unions are not-for-profit and exist to provide a safe, convenient place for members to save money and to get loans and other financial services at reasonable rates. Benefits of ownership include better rates on deposits and loans and better, more personal service.

While for-profit institutions must make profits for their shareholders, in a credit union any earnings in excess of operational costs are returned to the members in the form of increased interest on savings, decreased rates on loans or other new and improved service.

Swansea Building Society is one of only three remaining mutual Building Societies in Wales and the only Building Society or Bank with its headquarters in West Wales. The Society’s principal objective is the provision of loans secured on residential property for the use of members particularly in the South Wales area.

Tony Young continued, “Banks and other financial institutions exist to make money for their stockholders. Credit unions and mutual societies exist to serve their members. They are, by their very nature, more flexible and better able to respond to local needs. They don’t engage in sort of ruinous speculation that leads to the losses we have seen from our major banks in recent years. And they don’t pay bonuses to their staff.”


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