Sir, – There is nothing extraordinary about the proposed Cypriot levy on apparently untouchable deposits. The Irish Government led the way by imposing a 0.6 per cent annual levy on similarly untouchable private pension funds. It expects to gather €1.8 billion from this underhand action which provoked minimal opposition or protests – unlike developments in Cyprus.
Of course, no similar penalty applied to public sector pensions amidst recent ministerial claims that constitutional property rights preclude the slashing of outrageous pensions being paid to former politicians, mandarins and bankers. – Yours, etc,
BRIAN FLANAGAN,
Ardmeen Park,
Blackrock,
Co Dublin.
Sir, – The 1,088,000 people of the Greek section of Cyprus have shown just how powerful they can be when threatened with having their savings taken from them. Unlike people in Ireland, who wilted under the power of the banks and our limp, corrupted political system. Cypriot people have shown us the way. Can we now follow, and stand up against this European banking villainy? – Yours, etc,
DERRICK HAMBLETON,
Kingston,
Galway.
Sir, – In one fell swoop the troika of international lenders have managed to undermine the entire EU in their proposed €17 billion bailout programme for Cyprus. What were they thinking? From a constitutional point of view how could the notion of “raiding” Cypriot bank accounts be justified? Quite simply this is theft and cannot be warranted on any level.
Notwithstanding its rejection by the Cypriot parliament, the very concept has further polarised views on the European Union and has written the agenda for Euro-sceptics, who can hardly curtail their delight at this Orwellian scenario. – Yours, etc,
GEOFF SCARGILL,
Loreto Grange,
Bray,
Co Wicklow.
A chara, – Our Minister for Finance, Michael Noonan, chaired the recent Council of Ministers meeting at which it was decreed that a tax should be placed on deposits held in Cypriot banks. Apparently, at least part of the motivation for this tax imposition, is to place a tax on “hot money” hidden in Cypriot banks by Russian “oligarchs”.
It is variously estimated that between €23 million and €30 million of the money on deposit in Cyprus is “hot money”. If the Council of Ministers, led by Mr Noonan, are taxing “hot money”, surely they are in effect receiving what they themselves see as stolen goods? Are they going to hand back their ill-gotten gains to President Putin? – Is mise,
GARY DALY,
Gary Daly & Co Solicitors,
Mary’s Abbey,
Dublin 7.
Sir, – I was amazed to see the Government welcoming the move to strip Cypriot depositors of their hard-earned savings as part of a bailout.
The cornerstone of EU/IMF moves to stabilise the euro-zone banking system over the past number of years has been the protection of investors and depositors for the purposes of maintaining confidence.
I would ask Michael Noonan, should bondholders and depositors alike now take the events in Cyprus as a sign that all bets are off? – Yours, etc,
STEPHEN CURTIS,
Kirwan Street Cottages,
Dublin 7.
Sir, – All euros are equal, but some euros are more equal than others. – Yours, etc,
DAVID ROLFE,
Leinster Road,
Dublin 6.
Sir, – The Government needs to amend the Constitution to protect Irish savers who had nothing to do with the banking collapse and so ensure what could have befallen the people of Cyprus can never happen here. – Yours, etc,
CONOR COOKE,
Braemore Road,
Churchtown,
Dublin 14.