Sir, - I believe the recent announcement that the Government plans to sell the Trustee Savings Bank to Irish Life and Permanent comes not only as a surprise to TSB depositors but is also a huge disappointment for them. The sale terms do not allow for any reward, shares or bonus scheme for depositors, despite assurances given by a number of Cork TDs last year that they would speak personally to the Minister for Finance about this matter.
An additional matter of public concern is what role the trustees have played in this process. I feel there are questions to be asked regarding their duties and responsibilities, and towhom is their primary obligation. It is obvious that the motivation behind this proposed sale has not come from the depositors, as it clearly does not bring any benefit to them in its present state.
Mr McCreevy's current position is based upon the 1989 Act. This claims that the Minister for Finance is the sole beneficiary and owner of the TSB. I believe that this Act runs contrary to the principles of trust law in Ireland, which state that trusts exist "for the benefit of all beneficiaries".
Even if the Minister was to prove that depositors have no right to surplus funds, it is to my mind impossible for him to argue that depositors are not beneficiaries and owners of the bank under the principles of equity. After all it is the depositors' savings which have made the bank the success it has become. - Yours, etc.,
Ciaran Lynch, Chairperson, Ballyphehane Branch, Labour Party, South Douglas Road, Cork.