Socially useful banking
An Occupy-sponsored talk took place at Friends House on 29 October
We need to rediscover the social usefulness of banks. This was one of the messages heard at the Occupy sponsored talk and discussion entitled Socially Useful Banking on Monday 29 October in Friends House, London.
The event, held in the Large Meeting House, was attended by several hundred people on a dark cold autumn evening indicating the depth of interest in the subject of banks and finance.
It was sponsored by Quaker Peace & Social Witness (QPSW). Helen Drewery, general secretary of QPSW said: ‘There is an urgent need for an open and inclusive debate about how to fix our broken banking system. Therefore QPSW is delighted to provide the space for this important Occupy event. Our Quaker faith, and belief that all people are equal, drives us to help create a just and sustainable economic system.’
The major speech was given by Andy Haldane, executive director for financial stability at the Bank of England. He said that he felt we were on the edge of a reformation in banking. He felt that Occupy had been heard and that the banks themselves were now moving to combat their own problems.
He was followed by a panel consisting of Duncan Weldon, a senior economist from the Trades Union Congress; Andy Green, a director of Bully Banks; Mick McAteer, a consumer advocate in financial services and Richard Paton, who has participated in Occupy and UK Uncut protests. Lisa Pollack, a reported from the Financial Times, chaired the discussion.
Thom Bonneville, from Muswell Hill Meeting, commented: ‘While you could still sense the outrage over the excesses of the banking industry and the social and economic harm that has resulted, the discussion gave me an overall impression that participants on all sides are now talking to one another and that there is some grounds for hoping for real reform.
‘Still, I did feel that Andrew Haldane’s presentation was designed to give just that impression, and it sticks in one’s craw to be told, however reasonably and sincerely, that having had our say it is now ultimately over to the finance sector to clean up their practices themselves.
‘I think he was right when he said that all of us will have to put our money where our mouth is and support those companies that can demonstrate truly ethical and useful policies; and Mick McAteer is certainly right in saying that we will have to summon the political will to ensure that truly effective legislative measures are adopted.’
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