The financial resurrection is coming, and so is the Easter bunny

RADIO REVIEW:IT WAS SUPPOSED to herald a timely resurrection of the banking sector on this, the week before Easter. As one wily stockbroker described the extra capital needed to keep the banking system from collapsing: "You only live twice." But, for ordinary taxpayers, disgruntled voters and radio junkies alike, it felt more like a crucifixion.

On Tuesday, most talk radio shows played Minister for Finance Brian Lenihan’s Dáil speech. He said Anglo Irish Bank would need €8.3 billion, in addition to the €4 billion the State has already given the bank. When Lenihan casually said it was likely that Anglo would need an extra €10 billion over time, if you listened real close, you could hear a collective gasp across the land.

Today FM Newsdid a voxpop on Wednesday on the bailout. A well-spoken woman said, "Scandalous, scandalous altogether. Billions? It will be zillions next." She let the word "zillions" roll slowly and incredulously off her tongue. Newsreader Sinead Spain interviewed Friends First economist Jim Power about the €22 billion recapitalisation. "And what can we do about it?" she asked. Not much, was the answer. "The banking system is effectively bankrupt," Power said. "This is down to the behaviour of the banking system over the last decade, behaviour that was facilitated by the financial regulator and also facilitated by the Government."

On The Right Hook(Newstalk 106-108, weekdays) Minister for Tourism, Culture and Sport, Mary Hanafin, wasn't about to admit to the Government facilitating anything. Presenter Richard Aldous asked her if anyone in Government was going to say sorry. "I can very well understand that people are angry and they're angry at the way banks have handled their activities over the last number of years . . ." Hanafin began. And she was off. Off point, that is.

“The new financial regulator is taking a very, very tough line . . .” Hanafin continued. “With respect, Minister, that isn’t answering the question,” Aldous finally interrupted. “Is somebody prepared to say, ‘We’re sorry’?” Hanafin said, “I don’t accept that people can blame the Government for what the banks did.” It was a truly startling and revealing thing to say. It was like she singlehandedly took the roof off Leinster House and allowed the whole country to peer inside.

Aldous asked, “The Government has no responsibility for the fiscal position and the financial position and the economic position that Ireland is now in?” Hanafin replied, “People were clamouring for better roads, for new schools and for better hospitals . . .” That’s a cheap trick sometimes used by our politicians: blindside the public’s view of weak financial regulation with our desire for better public services. We asked for it, you see, we are the nation that walked into doors. She finally added, “Insofar as any of that led to an over-dependence on the construction industry, well, yes, of course we’d be sorry for that, but the Government is not responsible for the terrible situation that the banks are in.” So that’s a no, then? No apology? Hanafin said, “I will always say sorry for something for which I’m responsible and the Government will always say sorry for something for which it is responsible.” It’s a pretty neat brain-twister: if you never take responsibility, you never have to say sorry.

God created Liveline(RTÉ Radio One, weekdays) for days like these. "Tadhg," Joe Duffy said, "you say you just want to leave the country?" Tadhg said, "I've started using the automatic till in Tesco so nobody can see the 10 and 20 cents that I've been collecting. How did it come to that?" Lord Henry Mountcharles told a timely story of witnessing a group of property developers in Puerto Banús, Spain toasting the Minister for Finance in a restaurant while chanting, "Nama! Nama!" That was going to get the Liveline phones ringing off their hooks.

As morning broke on Thursday, Phil Cawley opened The Ian Dempsey Breakfast Show(Today FM, weekdays) by reading out a text from Dave, who sounded like a really happy man. What gets him up in the morning and makes him smile? "The site for my new home," Dave wrote. He appears to be one person who can afford to build one. It was a brief glimmer of sunshine before the bank holiday. And how was your week?