Went says current difficulties in business not representative of corporate Ireland

Recent crises at AIB and Elan should not be taken as a "black mark" against the directors and boards of Irish companies or against…

Recent crises at AIB and Elan should not be taken as a "black mark" against the directors and boards of Irish companies or against corporate Ireland in general, according to Irish Life & Permanent group chief executive, Mr David Went.

Addressing the Institute of Directors in Dublin yesterday, Mr Went said it was "disappointing" that some commentators had taken such a negative view of all Irish companies in light of recent events. "The manner in which these kind of sweeping, fatalistic remarks are made itself does considerable damage to our reputation. To my mind, it's nothing but a reworking of the old Irish weakness of knocking ourselves at every opportunity."

Ireland was a small State with a small number of significant companies but that didn't mean every Irish company should be tarred with the brush of other's problems, he told the directors.

"In my experience, the international business community in general, and the international investment community in particular, is more than capable of distinguishing between different companies within the same market," he said.

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"Being an Irish chief executive or being listed on the Irish Stock Exchange does not disqualify you from being considered competent in an international context." Mr Went also spoke of the growing disparity between the rapid pace of business life and the ability of politicians to respond. "I've enormous sympathy for our public service, in particular, who must sometimes feel they are swimming through a sea of rice pudding in order to get things done. But given how quickly businesses now need to be able to act and react, their frustration is our disaster."

He also expressed some anxiety about the long delay in the establishment of a single regulator for the financial services industry.

Mr Went also referred to the third referendum on abortion and the second Nice referendum, suggesting that an obsession with trivial gossip or innuendo can be more important than issues facing the State. "I'm not sure if this is just a media preoccupation or whether it reflects a broader view in the State.

"As an example, two of the biggest stories of the year so far were who had let a disgraced Dáil Deputy out of the side door of Dublin Airport and how come the Tánaiste had used taxpayers' money flying to Manorhamilton."

He asked whether these issues deserved to dominate our news or political agenda at the cost of more substantial issues. "Is it any wonder that we end up having to re-run old referendums, if our agendas are dominated by tittle-tattle rather than issues of real substance?"