Can Scotland have an independent banking system?

Answer:
Timetable for introduction of Scottish Pound post independence. What will happen to wages and bank account, and pension.

Full answer here: A Scottish Currency in an Independent Scotland



Answer:
With independence Scotland will need to set up a banking system. is an opportunity to redesign the banking system to protect Scottish citizens from the economic fallout of a banking crisis. It is both possible and desirable for Scotland to have an independent banking system to invest in its productive capacity, and to provide financial services to local communities.

Full answer here: The need for an independent banking system



Let’s get Scotland’s banking right

Author / Creator: Common Weal

Media type: Video

Date published: 2021

Policies to get banking oriented to customer benefit rather than profit.  Pointers on how to establish and run a Scottish Central Bank.


Setting up a Scottish Banking System

Author / Creator: Peter Ryan

Media type: Policy Paper

Date published: 2020

A Scottish central bank will need to be set up to oversee the creation of a new Scottish currency. It will be the competent authority providing regulatory oversight of the banking system.


Scottish Reserve Bank

Author / Creator: Tim Rideout

Media type: Blog

Date published:

The Scottish Reserve Bank website attempts to clear up many of the deliberate myths surrounding the establishment of a new Scottish currency 


Let’s get Scotland’s banking right

Author / Creator: Common Weal

Media type: Video 2:09 minutes

Date published: 2020

Banking has lost its way, forgetting that it should be serving its customers and not exploiting them. But a mutually-owned People’s Bank can change this.

Video: 2:09 minutes


Scotland’s National Bank – Central Banking in an independent Scotland

Author / Creator: Craig Dalzell

Media type: Policy Paper

Date published: November 2017

an independent Scotland should maintain its own currency. The formation of a central bank and the philosophy behind it should be explained.  Scotland’s central bank would be self-funded and self-sustaining and should be publicly owned so as to generate a return for the Scottish Treasury.


Scottish National Investment Bank

Author / Creator: Common Weal

Media type: consultation response

Date published:

The Scottish National Investment Bank must be a bank rather than a government body. It should be able to raise capital and to lend to organisations within the the government set guidelines.


Paying Our Way: The Case For A Scottish Payment System

Author / Creator: Peter Ryan

Media type: Policy Paper

Date published:

Scottish authorities could set up a  publicly owned, not-for-profit payment system which would reduce fees for banks, businesses and consumers as well as ensuring that more money is injected back into local economies. A secondary effect of this national payment infrastructure would be to make it significantly easier for an independent Scotland to launch its own currency.


An Investment-Led Economic Development Framework For An Independent Scotland

Author / Creator: Common Weal

Media type: Policy Paper

Date published:

Scotland, if independent, could improve its performance across 12 key pillars of its economy. There are a number of economic theories beyond the current one used by the UK. An investment-led economy would include laying down the foundations of a Green New Deal.


Submission on the Scottish National Investment Bank

Author / Creator: Common Weal

Media type: consultation response

Date published:

A Scottish National Investment Bank should:

  • be a long-term structural intervention into the Scottish economy
  • be a source of finance which is tailored to public-good outcomes
  • accept any applications for lending or equity investment.
  • raise capital from sources other than government
  • have a balanced governance structure


Investment in Scotland: A Common Weal Approach

Author / Creator: Iain Cairns

Media type: Policy Paper

Date published: Septtember 2014

The UK’s growth has declined every decade since the deregulation and privatisation began in the 1980s. Private finance provides poor value for money.  The financial system in the UK  is not capable of delivering the kinds of economic and social outcomes people have a right to demand. Investment is what the UK lacks, not money.


ScotPound: Digital Money for the Common Good

Author / Creator: New Ecconomics Foundation

Media type: Policy Paper

Date published:

The introduction of a digital currency with a new payment system would provide the world’s first publicly owned, not-for-profit national payment system.  It would enable Scottish businesses to accept payments without being charged fees by banks and credit card firms. It would be available to all with mobile phones. It would demonstrate that a new national currency can be created and implemented


Blueprint for a Scottish National Investment Bank

Author / Creator: Laurie MacFarlane

Media type: Policy Paper

Date published: 2016

A Scottish National Investment Bank should

  • support investment in infrastructure and SMEs
  • be publicly owned but operated independently
  • promote the highest levels of transparency and accountability.
  • allowed to raise funds on capital markets by issuing bonds


Banking for the Common Good: Laying the foundations of safe, sustainable, stakeholder banking in Scotland

Author / Creator: Gemma Bone

Media type: Policy Paper

Date published:

Not-for-profit “People’s Banks” should be established in Scotland’s regions to offer banking services to local people and business. These would be part of a “People’s Banking Network” A “Scottish National Investment Bank” would help establish these institutions by offering seed funding and structural support. 


Better Banking – A Public-Good Banking Network For Scotland

Author / Creator: Common Weal

Media type: Policy Paper

Date published:

A model which can enable communities to found their own local bank branch providing basic but essential services free of the risky “casino banking” of the private sector is presented.