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In collaboration with our coalition partners, we are
now in a position to publish our new report, which will help to raise the
profile of our campaign further, whilst providing additional clarification
on how best to create a Post Bank.
Our Post Bank report, entitled “Delivering the Post Bank: Financial
services for people, communities and small businesses at the Post Office”
outlines the following four options the Government could follow to
establish the Post Bank:
Ø Northern Rock: We do not need to start from
scratch. Northern Rock is now in public ownership, and could form the
institutional foundation of a new, mutually structured people’s bank.
Ø Buying out Bank of Ireland: The relationship of Post
Office Ltd with Bank of Ireland has, we believe, come to the end of its
useful life. If the UK Government is serious about securing the future of
the Post Office network, then a bold decision to support a buy-out of the
Bank of Ireland’s stake in Post Office Financial Services would be an extremely
significant step towards doing so.
Ø Incorporating National Savings and Investments: National Savings
and Investments (NS & I) has its origins in the Post Office Savings
Bank set up in 1861. It was separated from the Post Office in 1969. It has
developed a range of savings and investments over the years to suit the
market and meet the needs of customers and the UK Government's need for
funding. The Post Office has remained a significant distribution channel
for NS&I products.
Ø Mutual Banking and the TSB model: Post Bank offers
the prospect of capitalising on a rich but neglected history within British
banking - that of mutual banks and non-profit trustee bank models such as
the old TSB. These are models which should be considered in the
establishment of Post Bank.
Further pressure
on Government
We are now at an important stage in our campaign for
the establishment of a Post Bank.
The coalition will be also writing to Lord Mandelson,
urging him to embrace our ideas in order to secure the long term future of
the Post Office Network. To date, an impressive 216 MPs have signed EDM 1082, which
supports the Post Bank Coalition’s objectives. Our intention is to use this
latest document to further increase this number.
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