By Gerard O’Neill @Turbulence Ahead
Wednesday, February 25, 2009
I was speaking to an accountant recently about an initiative in Munster. Apparently one of the larger US finance houses has withdrawn a ‘fee payment loan’ facility that accountants could previously offer clients to spread audit fee payments over twelve months. Some accountants in the region got together to set up their own credit service (investing some of their own capital). Then it struck them: why stop at fee payment loans – why not go the whole hog and become a commercial bank?
And why not? I agree with Michael Lafferty in today’s London Times, that we need banks who just do banking – regardless of the endless good bank/bad bank/nationalisation debate about our seemingly comatose incumbents: Link to article
