Oireachtas banking inquiry

Sir, – Peter Nyberg, in testifying to the Oireachtas banking inquiry, blames individual borrowers as well as large developers and bankers for the banking crisis and economic crash. In doing so, he is, unwittingly, falling into the trap which politicians and bankers would like everyone to fall into ("Soft landing was 'quite unlikely' , says Nyberg", December 18th).

Except for a very few, most individuals who borrowed exorbitant sums to pay extortionate prices for very ordinary houses had very little choice if they wanted to provide security of tenure and long-term stability for their families.

If it had been possible to buy a three-bedroomed home in Dublin in a reasonable area for less than €350,000 to €400,000, then of course home buyers would have taken that option, if it were there. It wasn’t, which is why so many ended up buying in places 100-150km from their jobs and extended families.

But because of the decisions of politicians not to acknowledge that excessively high home prices are bad for both society and the economy and to enforce limits on bank lending, those bankers, like the devil, were given a horse, and by God they rode it to hell!

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Placing blame on individual home buyers for the crisis is engaging in the same “group-think” that politicians and bankers will engage in during the banking inquiry in an attempt to absolve themselves from the blame which lies squarely and solely on their shoulders. This is grossly unfair to ordinary citizens who had no involvement in the bad decisions by the so-called “leaders” of our country. – Yours, etc,

DAVID DORAN,

Bagenalstown, Co Carlow.