Banking services

The need for an independent banking system

Stephen Richard — Sun, 17 Oct 2021 07:52:45 +0000

The need for an independent banking system Stephen Richard Sun, 10/17/2021 - 08:52

Author or Creator

Scottish Independence Commission

With independence Scotland will need to set-up a banking system, but it should be done in a way that minimises risk to both the Scottish people and the Scottish economy. Independence is an opportunity to redesign the banking system to protect Scottish citizens from the economic fallout of a banking crisis. A Scottish central bank will need to be set up early in the independence transition process to oversee the creation of a new Scottish currency and to be the competent authority providing regulatory oversight of the banking system.

Several concurrent activities would then follow to deliver the new banking system:

Issuing Scottish banking licences and creating a commercial banking system;
Setting up a Scottish Payments System.
Creating a Scottish Universal Bank Account for all people in Scotland to provide the resilience that is missing in the UK banking system

Scottish Independence Convention (SIC) Transition Paper No.4 Banking

Keywords

banking

Central bank

Banking services

SETTING UP A SCOTTISH BANKING SYSTEM

Stephen Richard — Fri, 01 Oct 2021 11:44:52 +0000

SETTING UP A SCOTTISH BANKING SYSTEM

Primary Author or Creator

Peter Ryan

Stephen Richard Fri, 10/01/2021 - 12:44

Additional Author(s) / Creators

Scottish Independence Convention

Alternative Published Date

2020