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Salir's only bank is to close it doors

creditoagricloaAlgarve MP, Paulo Sá, has continued to muddle the decisions of a privately owned bank with ‘public service.’

Concerned about the impending closure of Caixa Agrícola in Salir, leaving locals without a bank, the communist MP has raised the matter in parliament and now wants an answer from the Minister of Finance.

"Despite the discontent of the population, Salir parish Council and Loulé Council, the bank’s management was insensitive to the arguments,” and will close the underperforming branch, lamented the MP.

With the closure of the bank, "the population of Salir, mostly elderly, are even more isolated and deprived of essential public services, including banking," said Sá, arguing that the possible installation of an ATM, "is not a solution for the population, which will be 15 kilometres away from the nearest bank branch."

There are banks in Loulé, 15 kms away and in Alte, 13 kms away.

The MP admits that Caixa Agrícola is a "privately owned bank" and that it can decide to do what it wants with regard to its branch network, but stresses that the closure, "is part of a more general policy of public service degradation and the abandonment of the population which successive governments have imposed."

in addition to these tenuous arguments, Paulo Sá addressed the following questions to the Minister of Finance,

"How does the Government evaluate the decision of the Caixa Agrícola to close its Salir branch, a village in the Algarve’s interior? Has the Government listened to the Salir Council and Loulé Municipal Council in this process? Will the Government intervene with Caixa Agrícola to try to reverse this decision that deeply affects a territory that is facing a process of depopulation and desertification?"

It is no good citing the public service remit of Caixa Geral do Depósitos and calling on it to set up a branch - this taxpayer owned bank is busy reducing its own branch network in line with a general slimming down needed to become profitable.

Comments  

0 #3 Poor Portugesa 2018-07-11 08:30
Quoting Mike Williams:
Ed: Useful reading this but left out is that so much of Portuguese (and the other Graeco-Roman regions) Banks are franchised. Important local families owning the franchise for several banks. Shown on your paperwork - sede being an HQ bank with several other branches. Micro-regionalised as anyone banking outside their region (often intentionally) will know that their local bank clerk cannot do certain transactions but must ask the holding bank. Important to comprehend that this 'personal piggy bank' set up is exactly how so much of these banks assets are now unrecoverable. None or insufficient security on the handouts as it was given to family and friends.
Another oddity is how regionalised so much else is in Portugal including your medical records. Not being a National Health Service, these are not accessible on a central database as you will also find out! Yet more examples of the current hot topic - State Capture!

Fascinating stuff! :( Now, I finally understand why I can't do simple transfers, even paying in cash, to another bank - unless the paying-in bank is the receiving account holder's bank! ...
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+1 #2 dw 2018-07-10 10:36
Private banks are given license by the state to literally create money from nothing and charge borrowers interest on it. How they can fail to be profitable is astonishing.
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-1 #1 Mike Williams 2018-07-10 08:59
Ed: Useful reading this but left out is that so much of Portuguese (and the other Graeco-Roman regions) Banks are franchised. Important local families owning the franchise for several banks. Shown on your paperwork - sede being an HQ bank with several other branches. Micro-regionalised as anyone banking outside their region (often intentionally) will know that their local bank clerk cannot do certain transactions but must ask the holding bank. Important to comprehend that this 'personal piggy bank' set up is exactly how so much of these banks assets are now unrecoverable. None or insufficient security on the handouts as it was given to family and friends.
Another oddity is how regionalised so much else is in Portugal including your medical records. Not being a National Health Service, these are not accessible on a central database as you will also find out! Yet more examples of the current hot topic - State Capture!
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