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Yes. But they'd need to readjust, reaccommodate and take it all on board. Rather than just making cuts and savings to maintain what they've got.

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7 hours ago, Lagman said:

So maybe he could start another local banking option, maybe the post office could do something.

To become a bank you need a licence with capital of minimum £5m plus you would need to recruit all sorts of staff like compliance, loans staff etc etc. the cost would be very high and the tax payers would have to fund set up costs plus annual losses. 

So yes it could be done but do the taxpayers want to foot a large bill for peel & Castletown residents?

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19 hours ago, Non-Believer said:

We've got four from down there really - all silent on the subject so far.

You would think they would get together to discuss and formulate a plan to protect the interests of their constituents!

just saying 

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1 hour ago, Banker said:

To become a bank you need a licence with capital of minimum £5m plus you would need to recruit all sorts of staff like compliance, loans staff etc etc. the cost would be very high and the tax payers would have to fund set up costs plus annual losses. 

So yes it could be done but do the taxpayers want to foot a large bill for peel & Castletown residents?

if it was that easy, any multi millionaire could start up a bank. That would not be ideal

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Who needs a bank in this day and age anyway? Almost 0% return on your cash. Shit service. Slow systems. Non existent support for anything you actually want. Even if you need a mortgage you’re better going to a mortgage broker than the bank you bank with. All you need these days is a Monzo or Revolut card and an online share dealing account. Banks are complete dinosaurs heading towards extinction. 

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10 minutes ago, thesultanofsheight said:

Who needs a bank in this day and age anyway? Almost 0% return on your cash. Shit service. Slow systems. Non existent support for anything you actually want. Even if you need a mortgage you’re better going to a mortgage broker than the bank you bank with. All you need these days is a Monzo or Revolut card and an online share dealing account. Banks are complete dinosaurs heading towards extinction. 

You would fare better with a Credit Union.

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It would be nice to see the Government members, who were in finance voice their

opinions like Mr Shimmins, Mr Hooper and Mr Callister.

 

 

Edited by Holte End

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I would not give any credence to any of the above especially Shimmins.   The way it was announced was rude and shows just how much this organisation holds their customers and our Government  in contempt .   The Post Office should now use this opportunity to diversify and provide a service rather than trying to cut costs to make a profit, this is a great chance to take advantage of this dismal situation.   When I was a kid most people had post office books with their savings in no matter how small, it was easier to save by paying a few bob a week in than going in to a grand bank with a small amount, this was when banks were grand.   Golden opportunity I would say.

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1 hour ago, thesultanofsheight said:

Who needs a bank in this day and age anyway? Almost 0% return on your cash. Shit service. Slow systems. Non existent support for anything you actually want. Even if you need a mortgage you’re better going to a mortgage broker than the bank you bank with. All you need these days is a Monzo or Revolut card and an online share dealing account. Banks are complete dinosaurs heading towards extinction. 

Businesses require a bank account but other than that, you are correct. Have you tried opening an account lately. They want you to jump through so many hoops you just want to pack it in.

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1 hour ago, hissingsid said:

I would not give any credence to any of the above especially Shimmins.   The way it was announced was rude and shows just how much this organisation holds their customers and our Government  in contempt .   The Post Office should now use this opportunity to diversify and provide a service rather than trying to cut costs to make a profit, this is a great chance to take advantage of this dismal situation.   When I was a kid most people had post office books with their savings in no matter how small, it was easier to save by paying a few bob a week in than going in to a grand bank with a small amount, this was when banks were grand.   Golden opportunity I would say.

A town or village need hub facilitys. A bank, pharmacy, doctors, post office, newsagent, cafe spring to mind. Economic pressure and online alternatives have slowly removed the social fabric of towns by stripping out these facilities. Where possible thought should be given to the creation of shared spaces that supply many of these services. Those that know me would probably accept that I embrace technology, but I also appreciate the value that a central community/social hub brings to any town or village.

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3 hours ago, hissingsid said:

I would not give any credence to any of the above especially Shimmins.   The way it was announced was rude and shows just how much this organisation holds their customers and our Government  in contempt .   The Post Office should now use this opportunity to diversify and provide a service rather than trying to cut costs to make a profit, this is a great chance to take advantage of this dismal situation.   When I was a kid most people had post office books with their savings in no matter how small, it was easier to save by paying a few bob a week in than going in to a grand bank with a small amount, this was when banks were grand.   Golden opportunity I would say.

The post office would be exactly the same as anyone else applying for banking license ie would need capital , extra qualified staff and the shareholder which is ultimately the public happy to underwrite the losses each year.

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8 hours ago, hissingsid said:

I would not give any credence to any of the above especially Shimmins.   The way it was announced was rude and shows just how much this organisation holds their customers and our Government  in contempt .   The Post Office should now use this opportunity to diversify and provide a service rather than trying to cut costs to make a profit, this is a great chance to take advantage of this dismal situation.   When I was a kid most people had post office books with their savings in no matter how small, it was easier to save by paying a few bob a week in than going in to a grand bank with a small amount, this was when banks were grand.   Golden opportunity I would say.

Most kids I knew had building society accounts, basically because you got a better return on your £4.50 savings.

Do the Co-op still do there banking services, as there is a co-op in most towns on Island.

 

 

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5 minutes ago, Holte End said:

Most kids I knew had building society accounts, basically because you got a better return on your £4.50 savings.

Do the Co-op still do there banking services, as there is a co-op in most towns on Island.

 

 

CO-op have a banking license in UK but don’t operate in Isle of Man.

Santander used to offer business accounts in Isle of Man but withdrew service 

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9 hours ago, thesultanofsheight said:

All you need these days is a Monzo or Revolut card and an online share dealing account. Banks are complete dinosaurs heading towards extinction. 

Revolut and similar Fintech solutions sit on top of the existing banking and clearance system.

(And they're losing money hand over fist.)

Digital currency will be the solution. Probably CBDCs unfortunately. Currently we have digitised conventional currency (eg the move to app based banking, digital payments, digital accounting etc)

 

Edited by pongo

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7 hours ago, Out of the blue said:

A town or village need hub facilitys. A bank, pharmacy, doctors, post office, newsagent, cafe spring to mind. Economic pressure and online alternatives have slowly removed the social fabric of towns by stripping out these facilities. Where possible thought should be given to the creation of shared spaces that supply many of these services. Those that know me would probably accept that I embrace technology, but I also appreciate the value that a central community/social hub brings to any town or village.

You are right here. I’ve never understood why in the IOM you can’t just create one local focal point. If the post office management weren’t so brain dead it’s exactly what they should do and it would work. One accessible building in a good location. Stick a coffee shop in it, a small general store, add somewhere to buy some stamps and pick up your pension. Throw in some comfy chairs and free WiFi. Basically your average Spar shop with WiFi and seating. We seem to only want to set up shared space for wantrapreneurs and wanker types when really the older age groups would be ideally placed for wider community hubs. 

Edited by Southfork
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