Sir, – Just in case there is anybody left who does not understand the brass neck of the banks, I had an average of about €1,800 in my little savings account for 2012. I have just received a statement awarding me 14 cents in interest, less 4 cent tax. Using fractional reserve banking, which they all do, my average amount can be lent out as €18,000 at about 8 per cent = €1,440. That means that, using my money, the Bank of Ireland makes approximately 10,000 times as much interest as it gives me. And then it asks us to help it out when it can’t even do that properly. Our Government just grins and opens our wallets. – Yours, etc,
RD BANTON,
Kevin Street,
Tinahely, Co Wicklow.