Here we have someones hair brained scheme to re-introduce a municipal bank back in Birmingham, but it's not like the old Municipal, as many of us had used.
No this time the bank will be used to support businesses.
After sitting and listening to two well known guru's in the banking business, The Chief Operating Officer of The West Bromwich Building Society and The Chief Executive of IBB, I must say I'm really scared of Birmingham Council even thinking about, let alone embarking on such a scheme.
To have been told that any bank starting up, must have at least £200million of readies and another £2million to £5million to get legislation and registration and then expect to loose around £10million per year during the start up process, which could last as long as 10 years is alarming.
I came in to politics to help people, to leave Birmingham a better place for my grand children, not to leave an overwhelming debt around their necks, like some councillors want too.
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