Madam, – Mostly the opinions on the economic crisis that your paper prints are either understandably acrimonious, or “hand- wringing” in essence. It is therefore refreshing to read Noel Smyth’s article (Opinion, October 7th) suggesting the solution to our economic woes lies with the possible actions of our own people. He is absolutely correct and entirely constructive.
If, as he claims, there are €88 billion of Irish residents’ cash invested in Irish banks and perhaps elsewhere, why is it that these essential funds are not employable in the purchase of guaranteed Irish Government bonds. Why is the sale of these bonds reserved solely for foreign investors who have no allegiance to Ireland and would quite happily destroy us for the sake of a quick buck as they have already shown.
I feel sure Mr Smyth is correct in thinking that if such bonds were available at the rates and reliefs he suggests there would be a huge take-up by Irish people who would have a genuine desire to get the country out of the current economic mess.
This Government has given tax breaks in the past for highly unwise concepts; why not now give a tax break for a worthy one? Should a good proportion of these funds be available to the Government they would go a long way to solving our woes.
This writer has never been given a satisfactory answer as to why such bonds have not been available to the ordinary Irish people. So, let us not procrastinate about this in the light of the impending four-year “hair shirt” budgets that are being planned. Let us get this moving and make it possible for those who have cash to invest, to invest it their own country. What better could one do if one is a patriot? – Yours, etc,