Bailing out the banks

Madam, – It is clear that there is no rational justification for bailing out Anglo Irish Bank, therefore there must be some …

Madam, – It is clear that there is no rational justification for bailing out Anglo Irish Bank, therefore there must be some other unspoken reason behind the Government’s decision. Cicero said that to understand the motivation behind an action one simply had to ask “who benefits”. It is morally and democratically imperative that the Government and its parliamentary party and spouses declare 1. Any deposit accounts held in Anglo Irish Bank. 2. Any and all loans held from Anglo Irish Bank. 3. Any equity interest in Anglo Irish Bank. 4. Any benefit that might accrue from Nama and 4. Any other connection or interest in the bank that might be affected by its failing.

If the Government provides this information it will be showing that it really is acting in the broader interests of the country. If it fails to disclose this information, then the conclusion is logical. – Yours, etc,

PETER LYDON,

Woodford Drive,

Clondalkin,

Dublin 22.

Madam, – Can Nama help me? I am unable to work due to neuropathic pain. I was self-employed for 18 years and I paid my taxes. Since I was forced to stop working in May 2007, I have not been able to pay my mortgage. I now live in severe, constant pain and in constant fear that my home will be repossessed. There are times I am overwhelmed and I do have thoughts of suicide.

To clear my mortgage of €200,000 I need to sell my home, but despite it being for sale since July 2008, it hasn’t sold, as interested people cannot get a mortgage to buy my property. My bank wants its money and yet it won’t give a mortgage to people who want to buy my property. Time is running out for me.

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It is not my fault that I was forced to stop working. It is not my fault I can’t sell my home, despite reducing the price by 55 per cent.

Does Nama save people like me so I can just deal with my illness and not have to worry that I will have no roof over my head? Or does it just help millionaires? – Yours, etc,

ANNETTE HUNTER,

Dunfanaghy,

Letterkenny, Co Donegal.

Madam, – The Government’s explanation for its approach to the banking crisis is to say it is simply following the best expert advice.

We are not led by experts. We want leaders with an appreciation of the full picture. Bondholders are not movie-villains who call up errant ministers for finance while stroking a cat. Let us hear from them why so much money was lent to Anglo Irish Bank to gamble on the property market and let them justify why the Irish taxpayer should repay it. – Yours, etc,

OISÍN QUINN,

Rathmines, Dublin 6.

Madam, – Your correspondent Peter Robbins (April 3rd) suggests a referendum to decide on the Anglo issue, an issue of such complexity that the task of explaining the issue to the electorate would be quite impossible and would involve endless argument between politicians and others. Meantime, the economy would continue to slide and the obvious consequences would be: 1. More difficulty in accessing the necessary loans in order to survive. 2. Punitive interest rates on any loans that would be made available.

I am neutral politically and am prepared to put my faith in the decisions already taken last week as the least worst option in a scenario where we are now, and likely to be for the foreseeable future, a borrowing country.

My belief is based on the competence of those politically independent State officials who have framed the policy, by my faith in Minister for Finance Brian Lenihan who has convinced me, by confronting unpopular decisions and by his undoubted grasp of the technical issues involved, that the decisions taken are in the interests of the State rather than of party, and by the fact that Alan Dukes, who, by virtue of his Tallaght Strategy, has a proven track record of putting country before party, is chairman-designate of Anglo. It may be accepted that the role of oppositions is to oppose, but when the opposition continues after decisions are taken it can have a most damaging effect and sway public opinion in a way which is unhelpful.

Can I suggest the time has come to invest as much energy as possible into finding a way out of our present predicament? Constant recrimination is not going to create one job for the 430,000 unemployed people who look askance at the energy wasted in interminable argument on the decisions already taken. It is obvious we are at an economic crossroads and what we need is hope for the future, accompanied by the type of social solidarity necessary to confront a common enemy. Is it too much to expect a start to be made on this at political level? – Yours, etc,

PATRICK HOWARD,

Ballyroan Road,

Rathfarnham, Dublin 16.

Madam, – Brian Lenihan says we can cope with the extra burden on the public finances imposed by the Anglo bailout (Front Page, April 2nd). Remember all that soul-searching over the past few years about finding money for the health service, vaccines against the human papillomavirus virus, schools, improving pupil-teacher ratios, special needs assistants, the arts, etc? What fools we were. We could have coped. – Yours, etc,

FRANK KAVANAGH,

Hillside Road,

Greystones, Co Wicklow.

Madam, – Brian Lenihan comments that Ireland is not Argentina (Front page, April 2nd).

He is, for once, absolutely correct. Argentina, after after eight years of rapid growth will see its GDP increase by 5-7 per cent in 2010, compared to Ireland, which is heading into its third year of rapid collapse. Ireland’s unemployment rate is 13 per cent and rising; Argentina’s 8 per cent and falling.Argentine exports are growing at 15-20 per cent year on year, while ours are only stagnant, thanks to multinationals who use us as a tax base. The government of President Cristina Kirchner is in the final phase of completely paying off its debt to foreign countries, while our debt is rising.

Mr Lenihan didn’t mention that Argentina let its bad banks collapse (and devalued its peso) so it became competitive in the world again – something Mr Lenihan won’t contemplate. Don’t Cry for me Argentina, indeed. – Yours, etc,

BILLY FOLEY,

Moygrehan,

Clonmellon, Co Westmeath.

Madam, – Since Anglo is in dire need of cash, any chance that Irish Life Permanent could come to its rescue again with a similar “bed and breakfast” deal as before? Only this time on a much longer term? It could call it “liquidity leave”. – Yours, etc,

ANTHONY MALONE,

Elm Drive,

Shamrock Lawn,

Douglas, Cork.