Since Debut is built by people like us, we should have first rights over it. For example, independent like TSB, and a cooperative like the Cooperative Bank.
The community built here, will get first rights for use for a certain period, 6 to 12 months, for example, before opening up to the public.
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How the credit unions operate is a good model but the RBNZ refs around capital adequacy mean that the model isn’t financially sustainable.
Have you guys seen bank of Dave in the uk? He’s hilarious! There’s a Doco. Took on uk banks…
One of the reasons I’ve started with lending around changing the system is that there are lower barriers to entry (holding deposits makes it an expensive legislative load). It depends what the timeline is for debut (and whether the legislation has moved!)
Can it really be called ‘banking’ if there is no deposit taking service? Otherwise Debut is just operating as a credit fund?