TONY GREANY,
Sir, - I had the sorry experience of hearing Mr Charlie McCreevy, on RTÉ radio, surrounded by a sniggering group of supporters, describe Mr Noonan's commitment to allow investors to offset their losses on the ill-fated Eircom flotation against their tax liabilities as "the silliest pre-election promise he had ever heard".
Approaching retirement and, encouraged by the enormous Government publicity, I invested in Eircom, not for a quick profit but as a long-term investment to produce an income to supplement my expected small pension. Despite my dismay at finding that the shares had been overpriced at issue I was prepared to take the long view - that they might recover their value in time and produce the expected supplemental income.
Not only was I encouraged into an investment that lost me one third of my capital, I then found I was not even left with the hope of long-term recovery as I had my shares taken from me at a substantial loss despite my protests. We small investors were outvoted by the big corporate players happy to take their losses and claim them against their tax liability, while this option was not available to us.
So, Mr McCreevy, you and your cronies find the suggestion that the small investors should get equal treatment to the big boys as "silly". At the same time you think it a great idea to please your gambling pals by eliminating gambling tax!
Well, try this for a silly pre-election promise: hell will freeze over before your party gets my vote at the general election. Yours, etc.,
TONY GREANY,
St Columba's Rise,
Swords,
Co Dublin.