Madam, - It is difficult to get the gist of what Ray Kinsella is trying to convey ("Bank profits built on real relationships and public trust", Opinion, August 7th). Does he mean that bank profits are constructed in this way or that they should be constructed in this way?
Many banks in OECD countries have seriously damaged public trust and this, ultimately, is reflected in their market value. The contagion has also damaged the value of more prudently run banks.
Prof Kinsella seems to be extremely concerned about the possibility of an external takeover of one or more of the four listed banks. He asserts that - but does not explain how - an external takeover would lead to "a serious and lasting loss of welfare to the Irish economy" and views bank mergers as a possible defence mechanism. It is time, one senses, to wake up and smell the coffee: the EU internal market - and the increasingly global financial market - is a two-way street for small, open economies.
The arrogance with which the four listed banks treat their less wealthy customers means that they have long ago forfeited any entitlement to special status.
The focus then shifts to regulation and competition policy. In this context it is also wise to remember that there is no limit to the ingenuity of market participants in undermining, rigging, or bypassing rules and regulations. This presents continual and onerous challenges for regulators, but it is a battle that has to be fought with increasing intensity in the public interest. - Yours, etc,
PAUL HUNT,
Haywards Heath,
West Sussex, England.