News Column

Is it time for banks to be made accountable?

July 13, 2014

We are constantly reading in the media how banks, generally, are making vast profits. From these profits they pay their staff well over the top, in comparison with other professions. And at the end of the trading year, bingo, they hand out huge bonus payments - higher up the banking staff chain, the bigger the bonus.

I put my money in their bank, they give me virtually no interest or returns for this. They charge me for banking facilities, pay for a cheque book, yes, some banks do this, and then they keep sending me their new rates and conditions.

They then lend to a customer at a high rate of interest for the loan, whilst they are using my money which has given no interest to me? Is this ethical? Surely it is time to replace banks and bankers with a controlling level of ethics to both parties? Maybe a management company which is fair to the lender and borrower ought to replace banks? Ivor Moane

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Source: Gulf Daily News (Bahrain)

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