Sir, – John Bruton’s plea to rein in regulation may be understandable from his standpoint, but appears naive (Business Today, May 11th).
His call for a greater emphasis on ethics is welcome, but cannot guarantee prudence and observance of the public interest. Are we expected to trust bankers and their consciences without clear rules and strict enforcement?
Doubtless bankers who set Libor rates, engaged in money laundering or improperly sold insurance products would relish lighter regulation. Others who remember the denunciation of Ireland in New York as “the wild west of capitalism” might disagree.
To start an ethical debate in Ireland, we could consider attitudes to entitlements and accountability here. Recently the Archbishop of Canterbury condemned the culture of entitlements which pervades the City of London. Does the same culture not exist here among senior bankers and politicians? Also, have those responsible for the financial crash been held accountable here? – Yours, etc,
TIM McCORMICK,
Ontario Terrace,
Dublin 6.