Sir, – The deposits up to €100,000 should remain protected as the word guarantee suggests. This would remove any question of the “working person” bailing out the banks. The resulting higher rate of “bail-in” for persons with deposits above this limit should be compensated for by a voucher which could be redeemed as a non-transferrable credit against income taxes (but not transactional taxes such as Vat or Dirt). If unused to offset against income taxes, the voucher should fall in value by 10 per cent each year. At the end of the 10 years, any unused vouchers would no longer be a liability for the state.
Basically, those within the tax system paying their share of taxes would redeem their lost funds, albeit at a date later than they might wish. Those outside the tax system for whatever reason would not benefit from such an income tax credit note system. Let them join those creating real and measured wealth and then they too can benefit.
If successful, perhaps this model could be considered in other jurisdictions? – Yours, etc,
CONN CLISSMANN,
Citywest, Dublin 24.