Madam,
- I listened with incredulity to Minister for Finance Brian Lenihan on RTÉ's Morning Ireland on December 22nd when he defended the use of the National Pension Reserve Fund to bail out the now dysfunctional Irish banks. He stated, and I quote: "It's not a question of taxpayers money being used to bail out banks". What absolute rubbish. The NPRF was set up in 2001 with Exchequer funds and the proceeds of the Eircom flotation to build up a fund to defray the national pension bill in 2025. It is taxpayers' money, as are all monies under the control of the Government.
I wonder: If the NPRF comes up short, which is not an impossibility, who will be bailing out the public service pensions? Most likely the taxpayer.
I suggest the Minister shows a little more humility when talking about using our money to bail out these scoundrels. I suggest he exacts a more appropriate price for the use of our money and I suggest he takes a little time to clarify whose money he is responsible for. - Yours, etc,
CIARAN FLANAGAN,
Clare Road,
Dublin 9.
Madam, - Statements by Seán FitzPatrick, Anglo Irish Bank's disgraced ex-chairman, to RTÉ on the need for "lighter" regulation of the financial sector were at the time taken entirely at face value and not in any way subjected to public scrutiny. Furthermore, your edition of December 20th reports that some of the foremost people in Irish business life, from well known companies such as Smurfit Kappa, Greencore, and Slaney Foods among others, claimed in the bank's 2007 annual report that Anglo Irish operated to the "highest ethical and governance standards". We now know that Mr FitzPatrick had very specific reasons for calling for "lighter" regulation — and that the assertions of these Anglo Irish board members were quite simply fantasy.
The current chorus from business leaders to see our public service decimated must be viewed in this light, and put to the most rigorous public scrutiny by the media and by Government before it suffers irreversible harm. For far too long now business leaders and their economist cheerleaders have had free access to the airwaves and print media - and to government ears - to put forward highly biased and self-interested views dressed up as scientific fact and taken as simple, unquestioned "technical" advice.
This has got to stop; and it is up to the media in particular to ensure that it does. Less space must be given to these people and more to those who have the public interest at heart, as opposed to the further enrichment of a closed financial elite. - Yours, etc,
BARRY CANNON,
Park Terrace,
Dublin 8.
Madam, - Anglo Irish Bank is a publicly quoted company. It has been admitted that €87 million was removed from the balance sheet each year for the past seven years, thus giving incorrect end-of-year figures for the bank.
We are assured that no "wrongdoing" took place.
People wishing to invest on the Stock Exchange have to rely on published accounts in order to decide where to put their money. If they cannot rely on the accounts, what future is there for the Stock Exchange?
How can falsifying the end of year accounts not be a deception on the shareholders and the Stock Exchange? In addition, there was a second institution involved in these transactions.
And given that most financial institutions eventually ape each other, how likely is it that this practice hasn't been happening elsewhere? - Yours, etc,
BRIAN O'SULLIVAN,
Sutton Park,
Dublin 13.
Madam, - One wonders what the collective noun for a group of bankers is. A shower, perhaps? - Yours, etc,
ANDREW WARD,
Upper Beaumont Drive,
Ballintemple
Cork.
Madam, - On the Irish Stock Exchange on Monday, banking Shares were treading at between 29 cents (Anglo Irish) and €2 Euro (AIB). Paddy Power was trading at €12.55. Says it all, really. The punters clearly know which is the safest bet! - Yours, etc,
JOHN MORRISSEY,
Corbally House,
Leamlara,
Co Cork.
Madam, — Mr Eugene Sheehy, chief executive of Allied Irish Banks, said, "We'd rather die than raise equity" when he talked to private clients of Goodbody Stockbrokers in Dublin on October 23rd last.
As I have seen no death notice, I assume he has had a Pauline conversion following the revelation of the disgraceful behaviour of his colleague Seán FitzPatrick. - Yours, etc,
JONS CARLSSON,
Shankill,
Co Dublin.
Madam, - My wish is that, after all is said and done, former Chairman of Anglo Irish Bank chairman Seán FitzPatrick, will be means-tested for a over-70's medical card in 11 years' time, and will qualify. - Yours, etc,
KEVIN DEVITTE,
Westport,
Co Mayo.
Madam, - Recent events in the banking world bring to mind the adage: "The law locks up the man or woman who steals the goose from off the common but leaves the greater villain loose who steals the common from the goose". - Yours, etc,
TOM GREALY,
Threadneedle Road,
Galway.