Madam, - Regardless of the fiscal initiatives which are urgently required in this country, there is a far greater need which must be addressed before we can begin to face the future with any hope of success. That is, a return to moral integrity in politics and commerce.
The toxic pursuit of corporate and individual self-interest nurtured during the Haughey years was not, as we were led to believe, purged during the Ahern era but, rather, fostered and encouraged right up to the last election in which all political parties sought to buy the electorate with specious promises of even greater prosperity.
The latest episode involving the chairman of a leading bank - and moreover, the way it has been "managed" - is ample evidence that this poison still courses through the body politic and the body corporate.
Ireland Inc must learn to conduct its affairs with honour, integrity and restraint. Politicians of all hues must restore honest and virtuous leadership to a country whose soul has been deeply, if not fatally, infected by unbridled greed and self-interest. - Yours, etc,
TONY O'ROURKE,
Brannockstown,
Naas,
Co Kildare.
Madam, - Forget about the so-called "regulators". Send in the CAB! - Yours, etc,
DÁIBHÍ Ó CRÓINÍN,
Caherfurvaus,
Craughwell,
Co Galway.
Madam, - It beggars belief that Seán FitzPatrick can issue a statement, as he did last Thursday, saying was nothing illegal about the transfer of his €87 million loan from Anglo Irish Bank to the Irish Nationwide Building Society and that it was fully secured.
The purpose of the temporary transfer of the loan was to deceive shareholders. The directors of companies are required by law to oversee the running of their entities. This oversight duty entails reporting a true and fair view of the company's financial health and installing and maintaining internal control systems as well as processing transactions honestly and accurately.
In this case it would appear there may have been collusion among some members of Anglo Irish Bank to cover up the false picture being conveyed to shareholders. Otherwise, their chairman and former chief executive acted alone not only to deceive shareholders but also his own fellow directors and staff members.
As to the loans being fully secured, this would appear to be patent nonsense as there was no evidence released to confirm that this is the case either by the bank or Mr FitzPatrick. Shareholders and the taxpayers should demand the evidence for this statement. - Yours, etc,
VINCENT CROWLEY,
Bow Street,
Dublin 7.
Madam, - Will Seán FitzPatrick be treating the nation to another interview with Marian Finucane? Bring on more hubris. - Yours, etc,
FERGAL McCANN,
Addison Park,
Glasnevin,
Dublin 11.
Madam, - The Irish public - in particular the "little people" like this writer - must be seething with anger at the latest revelations about the boardroom fat cats of Irish banking whose breathtaking arrogance is now coming to light at an alarming rate. Nothing less than the spectacle of chief executives and their boardroom allies appearing in handcuffs outside the courts will satisfy Joe Soap that justice is being done. - Yours, etc,
NORMAN LOWTHER,
Maywood Avenue,
Raheny,
Dublin 5.
Madam, - Anglo Irish Bank is a small bank, perhaps most tactfully described as eccentrically run, whose share value has collapsed. It is too small for even a complete collapse to pose any systemic risk to our economy. The bank is threatened, it seems, by "impaired loans" to property developers, a group which have long had a very special relationship with Fianna Fáil.
Why, in the name of all that's holy, should we put one penny into rescuing this bank from the consequences of these failures? It seems that the cheapest course of action, at least for Irish taxpayers, would be for the Taoiseach to sit back and let the bank sink or swim. If it sinks, then an orderly liquidation, while costly for shareholders, would not be too hard to perform. If it swims, then all the better.
Is the proposed bail-out of Anglo Irish the last payback from the legendary tent at the Galway races? - Yours, etc,
ANTHONY STAINES,
Skerries Rock,
Skerries,
Co Dublin.
Madam, - Seán FitzPatrick claims that "the transfer of the loans between banks did not in any way breach banking or legal regulations". It seems the Financial Regulator may have known about these transfers for some months already. Which prompts the question: who regulates the regulators? - Yours etc,
DAVID McGUINNESS,
Grangebrook Avenue,
Dublin 16.