Madam, – Once again the taxpayer comes to the aid of Irish banks. As on previous occasions the people who run them would have us believe that it is not their fault that they find themselves in trouble.
Time was when banks were run with prudence by people of integrity who took responsibility for their decisions. Regrettably that has long ceased to be the case, such people being regarded as old- fashioned and unsuited to the modern world of business.
The current fiasco shows how banks have been run in recent decades: by fear (of loss of market share), greed (for personal gain and profit), and lust (for power). As always, however, the fat cats will get fatter and the church mice hunted almost to extinction.
There will be no leaning on the creditors who owe millions. Rather it is the small businessperson or trader who finds their “facilities” either considerably reduced or withdrawn altogether. It is just so much easier that way when times are difficult. Long live the naked emperor. – Yours, etc,