Why do we need the Central Bank?

Madam, –   Could somebody tell me why we have a central bank? It has no function regarding currency or exchange rates

Madam, –   Could somebody tell me why we have a central bank? It has no function regarding currency or exchange rates. It should have had a function regulating banking behaviour but didn’t carry it out.

Periodically, like a second-rate ESRI, it comes out with facts and figures which are already well known and delivers stale statements on the economy with great bombast and gravitas.

For this “service” its top staff are paid obscene salaries. Close it down. – Yours, etc,

JOHN O’CONNELL,

Newtownpark Avenue,

Blackrock,

Co Dublin.

Madam, –     Is  Mr John Hurley of the Central Bank, who now says that  cognisance must be taken of the “extremely difficult situation facing the public finances” and that “ways of broadening the tax break must be examined” the same man who didn’t foresee either of these outcomes in an interview with The Irish Times last April?

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At that time a Mr John Hurley, representing the Central Bank, responded to an IMF report that Irish houses were 30 per cent overvalued by saying: “I believe there are good fundamentals in the housing market and the rental market is a good monitor of that.”   This Mr Hurley added that “the capitalisation of the Irish banks and the profitability of the Irish banks is strong, the loan book is strong and the liquidity arrangements are good”. The interview was published on April 7th, not April 1st. –  Is mise,

CATHAL RABBITTE,

Zürich,

Switzerland.