Debate on the banking crisis

Madam, - Could one of your readers kindly explain to a simple soul such as me how the current situation pertaining to our banking…

Madam, - Could one of your readers kindly explain to a simple soul such as me how the current situation pertaining to our banking institutions differs substantially from the medieval system whereby the rich and powerful supported their profligate and luxurious lifestyles by leaching capital from those who actually worked for a living?

Were we to carry this historical re-enactment to it's logical end, the extraordinary levels of financial backing bestowed on those who pay themselves enormous salaries for their buffoonery by those who are struggling to make ends meet might be expected to lead to a few heads on spikes.

We haven't even had a "sorry". - Yours, etc,

PHILIP MALONE,

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Pembroke Road,

Ballsbridge,

Dublin 4.

Madam, - As retreat to previous positions seems all the rage in Government circles these days, perhaps Brian Lenihan will do likewise with the banks.

After first stating that banks would have to pay the commercial rate for the Government guarantee, the Minister for Finance has backtracked. Instead of banks paying what it would cost them on the commercial market, they now only have to pay what it would cost Ireland on the commercial market. As even an ailing country's reputation is worth far more than our ailing banks', the cheaper rate will save banks hundreds of millions: more than enough to have prevented the assault on our elderly's medical cards and the attack on our young people's education. - Is mise,

Dr MAIT Ó FAOLÁIN,

Iona Villas,

Dublin 9.