Facing up to crisis in the public finances

Madam, – For a couple of decades, as we suffered the expensive tedium of tribunal after tribunal inquiring into political donations…

Madam, – For a couple of decades, as we suffered the expensive tedium of tribunal after tribunal inquiring into political donations, commentators complained that they could not find the “smoking gun” which connected money received to favours done. Has the penny dropped yet, I wonder?

Of course there was never going to be any such direct linkage, but the indirect pay-offs are becoming more and more obvious. So-called “light regulation” of bank and finance companies; the blind eye turned to the grotesque property bubble; and the growth of an overpaid and out-of-touch elite are the fruits of what has passed for governance in this country for some time now. Quid pro quo, I think.

The real tragedy is that the “smoking gun” is a very large cannon, and the backfire is hurting the poor and weak who are not insulated by the wealth created while the going was good, or by large severance deals and pensions.

And what did we, the voters – and those who now have to pay the piper – do while this was going on? As long as the economy appeared to work, many of us were apathetic, and just let the injustices such as persistent poverty and inequitable health and education systems slide.

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We laughed at the satire and comedy acts that portrayed our venal politicians. We even turned some of the worst sinners into heroes. The bursting of the property bubble and the downturn of the economy has changed all that, and there is widespread anger, grief and disappointment.

Those whom we have elected to govern us, those whom that they have, in turn, appointed to high office, and their associates have brought shame and dishonour to a country that once was proud to be a republic.

As the disparity between the salaries and benefits of the elite and those of the struggling majority continues to be exposed day by day, any claim to equality, fraternity and justice is shown to be a sham.

I haven’t visited Glasnevin Cemetery recently, or any other site where those who gave their lives to found what they hoped would be a republic are buried, but I imagine there is a loud spinning sound coming from those hallowed graves. – Yours, etc,

TERESA GRAHAM,

Meadowbrook,

Tramore,

Co Waterford.

Madam, – Every day more is being revealed of the deception that went on in this so-called bank. It’s time the fraud squad was called in and arrests were made. At least this would give the public some confidence that cronyism was being eliminated. – Yours, etc,

PÓL O’FAOLAIN,

Knocklyon,

Dublin 16.

Madam, – In the middle of the current financial and economic crisis I have found myself on numerous occasions asking the question: Who are “the markets”?

Why must every step Ireland and other countries take to stabilise their financial systems be approved by “the markets”?

Why is this emperor who gives our every move the thumbs-up or e thumbs-down the ultimate arbiter? Why are we dancing to “the markets’ ” every tune?

Are “the markets” not the very same testosterone-driven, bonus-rewarded, short-sighted, cavalier people who played a major part in “requiring” banks and companies to make phenomenal profits, which could be achieved only by ridiculously risky lending and short-term decision-making? – Yours, etc,

MARIA ENNIS,

Greystones,

Co Wicklow.

Madam, – Is it credible that when one of the State’s largest accountancy practices produces a crucial report on the health of Irish banks the Minister for Finance does not read the document completely? Even if one can accept that he might have been too busy to engage in a line-by-line parsing exercise, one would expect that his department, the Central Bank or the Financial Regulator would have discussed the details with him.

Surely a deposit as large as Irish Life Permanent’s lodgement at Anglo Irish Bank last September 30th should have been immediately red-lighted in any reasonable risk assessment given the reported volatility in Anglo’s deposit base at that time.

I find myself asking the same questions every day: What is happening in my country? Is there anyone leading, anyone in charge? – Yours, etc,

NICK REILLY,

Cloghertown,

Clonalvy,

Co Meath.

Madam, – I wonder why bank executives, who were allowed to justify their massive salaries on the basis of profits and ballooning share prices, now known to have been based on dubious and self-interested business practices, are not told their salaries and bonuses must follow the share price downwards. – Yours, etc,

RÉIDÍN O’CONNOR,

Galways Lane,

Douglas West,

Cork.

Madam, – On the day that €7,000 million was provided to irresponsible Irish banks, we are told that 122 teachers devoted to teaching children with learning difficulties are to be removed from primary schools from September 2009. To keep these teachers in their positions to help those children would have cost less then €5 million. – Yours, etc,

ROBERT WHELAN,

Blackhorse Avenue,

Dublin 7.

Madam, – In light of recent bizarre disclosures I am wondering if the expression “regulated by the Financial Regulator” should be interpreted as a comfort or a health warning? – Yours, etc,

TONY BRADY,

Griffith Court,

Fairview,

Dublin 3.

Madam, – I found it unbelieveable that Mr Cowen did not read the Lisbon Treaty in its entirety yet urged the people to vote Yes. Now I find it incomprehensible that Mr Lenihan did not fully read an important  document on the banks but expects the taxpayer to bail them out.

Perhaps one of the many teachers who will lose their jobs due to the cutbacks announced this week might be able to help them with their reading. – Yours, etc,

CAROLINE MOONEY,

Hillside,

Greystones,

Co Wicklow.

Madam, – The suggestion by Government Ministers Mary Harney and Billy Kelleher that the minimum wage should be reduced is typical of the politics of the defunct PDs, but I am surprised at Mr Kelleher.

May I suggest they try living on the minimum wage? – Yours, etc,

PAUL DORAN,

Monastery Walk,

Clondalkin,

Dublin 22.

Madam, – In these times of economic turmoil, rather than looking at the minimum wage, should we not be looking for a maximum wage? – Yours, etc,

ZOE DEVLIN,

Mayville Terrace,

Dalkey,

Co Dublin.

Madam, – I would like to respond to your columnist Fintan O’Toole’s comments of January 20th and a reader’s letter of the following day, both referring to my comments about the Anglo Irish affair on Pat Kenny’s radio show of December 19th.

On that programme I stated, inter alia, that while the actions of Seán FitzPatrick were – according to the Financial Regulator – not technically illegal, I questioned why they were not, given their damage to the reputation of Ireland and to businesses.

Your columnist reported my comments incompletely and failed to acknowledge my own and Dublin Chamber’s position.

We aspire to the highest levels of corporate governance and provide support to businesses to ensure they operate to this high standard.

The chamber represents over 1,400 companies, small and large, across all sectors. We are clearly focused on protecting Ireland’s international reputation as a safe place to invest and do business.

In these challenging times it is critical, now more than ever, that we have balanced reporting from our valued media. – Yours, etc,

GINA QUIN,

Chief Executive,

Dublin Chamber of Commerce,

Clare Street,

Dublin 2.

Madam, – How many levy payments does it take to fund a €630,000 golden handshake? With this latest revelation regarding former Financial Regulator Patrick Neary are we approaching a tipping point in this country?

Perhaps not. Maybe some day individuals will be held accountable for their actions, maybe not. One thing is certain: at present we are a joke, and I’m not laughing. – Yours, etc,

PAUL MULDOON,

Dundalk,

Co Louth.