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OPINION:MANY PEOPLE - if they are honest - are probably quite happy with the idea of the Government owning stakes in Irish banks. The concept is not out of tune with the public mood that the banks need to carry at least part of the can for the mess we have got ourselves into.

State ownership also holds out the prospect of some sort of payback for the various injustices that we all feel have been visited upon us by the banks over the years. But if ever there was a case of being careful what you wish for, the Government taking stakes in the banks is surely it. The recapitalisation of the banks through the injection of taxpayers' money is looking like a necessary part of the process of stabilising the financial markets, both in Ireland and globally. But, in truth, there probably is no upside for the taxpayer in the Government getting involved in banking.The State company culture that has evolved here over the eight-odd decades since the likes of the ESB were established through economic necessity is pretty dysfunctional.