Madam, – Sometimes Mary O’Rourke TD talks a lot of old-fashioned sense. Her call (“Publish An Bord Snip report, says O’Rourke”, July 9th ), to have the Bord Snip Nua report published before the long summer break, is spot on.
Her message is clear: the people have a right to know what’s in the report, and if they don’t know, they may vote No in the Lisbon Treaty Referendum on October 2nd. – Yours, etc,
Madam, – I understand little about economics. In this respect I have much in common, apparently, with various ministers for finance, senior bankers and financial regulators. However, Prof Morgan Kelly’s article (Opinion, July 3rd) makes compelling reading. His proposed solution to the credit crisis currently plaguing our banking sector – and with it, a huge swath of Irish business – appeared to be a win-win scenario, compared to the present proposals for the National Asset Management Agency (Nama). In summary, he proposed letting the banks’ various bondholders take the hit rather than foist it on taxpayers.
However, if he is right (and he was 100 per cent correctin his analysis of the property bubble) surely any sensible government would follow his suggestion.
But who are these bondholders? Are they predominantly ordinary savers like us? Are they pension funds on whose resources our retirements depend? Or are they very wealthy people or institutions who can well afford the losses? If they are the latter I’ll back Prof Morgan If not, perhaps his proposal is not such a win-win after all
Not understanding economics I can offer no ideas. What I can suggestis that political honesty and courage is required to act in the interest of most citizens who have been badly misled.– Your, etc,
KIERAN McGRATH,
Kilmainham,
Dublin 8.