Plans to set up a credit union for workers

BankNordik is charging its customers too much, and the time has now come to set up a credit union for workers.

So says Súni Selfoss, chairman of trade union Starvsfelagið, referring to Thursday’s news about BankNordik’s hike in service charges.

“Faroese banks are bound by certain regulations imposed by the authorities, but the profit requirements have gone one step too far now. Enough is enough,” he says.

“The LÍV pension fund is a cooperative formed by many of the country’s trade unions, and this structure could form the basis for a workers’ credit union.”

Previous attempts to set up cooperative banking systems have failed, but the time has come to put in some extra effort to make this a reality, he adds.

Read the Faroese version of this article here.

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