The possibility of HSBC selling out to APS has helped us focus once again on the issue of money and banking.

Biblical reference to money and wealth has not been flattering. The imagery of the rich man’s chance of salvation being compared to the likelihood of a camel passing through the eye of a needle immediately comes to mind. The caustic aphorism that ‘money is the root of all evil’ further adds to the negative portrayal.

Yet, money by its very nature is neutral, a means to an end. Like a knife, it can be used by a skilled surgeon to save a life, and it can be used by a rogue to cut someone’s throat.

Sadly, avarice and greed are well entrenched and not a day passes without us being reminded of this sad reality as cases of crass corruption keep coming to light thanks to our beleaguered journalists.

However, the Church has long since realised that the right use of money can create a framework for a more just society that fosters human flourishing. As far back as the much-maligned Middle Ages, Catholic countries promoted co-operatives and guilds that controlled financial abuse and monopolies, rewarding excellence in craftsmanship reflected so many years later in the splendid architecture, art and social advances we enjoy today. Ownership of production was smaller and more widespread.

The Catholic Social Teaching documents that were later launched with Rerum Novarum in 1891 influenced Catholics active in politics and economics until not so long ago.

The statement ‘the poor Church for the poor’ is used by some as a convenient excuse for the Church to withdraw from the public arena.

This is nonsense. Poverty is not a virtue, especially when it is the result of social injustice, poor financial management, exploitive and corrupt economic policies, apathy and laziness.

The Church has always been close to the poor. It has always committed itself to address their needs and empower them to rise out of poverty so that they can live fulfilling lives. The pioneering role of the Church in making educational and health services available to the disadvantaged is an obvious example.

Many years ago, during a visit to Malta, the Catholic economist, Stefano Zamagni, referred to the legendary saint and doctor of the Church, Theresa d’Avila, who had quipped: “I alone can do little; God and I can do a lot; God, money and I can do everything.”

The Church has always been close to the poor- Klaus Vella Bardon

This underscores that money can be very positive if used ethically. And, here, the Church must reassess its involvement in banking. There are numerous examples of the beneficial role of Church banking when done correctly. Besides, this is not just a Catholic phenomenon.

In Bangladesh, Muhammad Yunus founded the Grameen Bank that offered micro-loans to the poorest of the poor, empowering them to set up small businesses and, thus, enable them to escape the poverty trap.

Sound banking has a great scope to fashion a wholesome and prosperous society that rewards hard work, frugality, sustainable development and fair competition.

One need only compare with the highly negative outcomes of unethical banking.

An obvious example is the rapacious, amoral banking programmes that crippled third-world countries following the oil crisis of the 1970s. This corrosive modus operandi was scathingly exposed by Susan George in her book A fate worse than debt.

The dysfunctional regimes, that so many years later still abuse human rights, degrade the environment and lead to mass migration on a Biblical scale, can be traced back to this uncorrected amoral modus operandi.

This is a powerful reason why the Church should not abandon its possible responsibilities for making a difference once it has the means and the manpower that could lead to a healthy financial alternative.

One does not expect the Church hierarchy to know the technicalities of finance but they are definitely in a position to determine what is right and wrong and employ reputable and upright experts to work correctly.

After all, moral banking practice has a great role to play in the manner we build up and fashion a real market economy on a more truly human and humane scale, of the sort envisaged by E. F. Schumacher or various other religious ‘economists of the small’.

For the Church, by withdrawing from the banking sector and abdicating its providential possibility to make a difference may appear a popular option and an easy way out.

It definitely cannot be applauded. It would be a lost opportunity to promote ethical banking.