As a consumer advocate of many years, I am shocked that there still groups continuing to pressure the government to pressure the banks not to use the services of credit rating agencies.

The pertinent and moral question I ask is, do the banks not owe its other depositors a duty of care to protect their savings and credibility? Must innocent depositors be put at risk just to fulfill an obnoxious political greed?

Among these groups of late seems to be the Malaysian Malay Chamber of Commerce (DPMM) who seems to feel that Malaysian banks should not rely on such intelligentsia but instead provide continued loans even if the borrower is a liability!

May I ask these presumably learned men why should financial institutions be put at risk only to eventually collapse and be bailed out (as we have seen repeatedly in Malaysia) just to appease the greed of a small but powerful lobby group hiding under the repulsive notion that loan defaulters be protected?

Furthermore, why should certain politically-connected individuals and business groups be allowed - under some misplaced and immoral reasoning- to put the nation's banks reputation and governance at risk?

Is it not totally immoral and repulsive to say that banks should continue to give out loans freely even if the borrowers are a risk and would not this threaten the very fabric of banking operations if allowed to continue?

And worse still, one has the audacity to claim that the macro projects within the framework of Vision 2020, the Iskandar Development Region (IDR), the Northern Corridor Economic Region and the Eastern Corridor will all be jeopardised unless the banks take this cavalier attitude towards their depositors' funds and savings!

Have we not learnt lessons from the financial fiascos and bail-outs of the past, which are still haunting us?

Those advocating this line of argument against credit rating agencies must bare one thing in mind - if their suggestion is taken by the government it will make our nation a laughing stock of the civilised world and our banks disrespected and very vulnerable financial institutions.

The writer is president, Consumers Association of Subang and Shah Alam, Selangor.