Madam, - I was disappointed at Arthur Beesley's article, "Future is far from crystal clear", in your edition of Friday, April 11th, which was compounded by John McManus's Business Opinion on Monday last.
Of particular concern was the inference that the request from Government for a loan guarantee was for the benefit of the major shareholders in Waterford Wedgwood.
Both the chairman, Sir Anthony O'Reilly, and the deputy chairman, Mr Peter Goulandris, have supported the company - and its operations in Waterford - consistently and faithfully over the past decade at some considerable expense: €300 million in the past four years. Indeed, within weeks, they will make a further €33 million available to the company through the take-up of additional preference shares.
It should be emphasised that the request to Government does not involve a grant and, in fact, can be implemented without any cost to the taxpayer.
Waterford Crystal's manufacturing base in the south-east is a crucial part of the region's infrastructure. Not alone will it continue to provide between 500 and 600 well-paid jobs but many thousands of downstream jobs depend on the economic effect of the Waterford Crystal business, including its vitally important Visitor Centre.
For many years, Waterford Crystal has demonstrated its brand power by drawing more than 300,000 tourists a year to its visitor experience. They, too, represent significant income for the city of Waterford and the surrounding region.
It is important to point out that €27 million was invested by the company in advanced technology in recent years. This "best-in-class" technology will underpin the employment that remains after this restructuring action by facilitating the competitive manufacture of more than 2 million pieces a year in a highly cost-effective way.
I hope that your readers understand the compelling argument which suggests that a loan guaranteed by Government, with the comfort of appropriate collateral, represents an opportunity to ensure that a vital industry, an iconic brand and a significant economic contributor is not lost to the city of Waterford, to the people of the south-east and to the citizens of Ireland.
It can never be wrong to preserve jobs, all the more so when industry faces turbulent conditions which threaten survival. A loan guarantee by Government without any transfer of funds is a simple and effective way of securing jobs in one of Ireland's most respected businesses. - Yours, etc,
REDMOND O'DONOGHUE, Director, Waterford Wedgwood plc, Ballinakill Court, Waterford.