Madam, - Brian Lenihan says that he could not specify pay limits for top bank executives in his State guarantee legislation (The Irish Times, October 16th). This is specious claptrap.
What he can certainly do (if he really wishes) is to make it a condition of the scheme that banks which decide to give their top executives a total remuneration package greater than €500,000 shall not be eligible for the scheme. - Yours, etc,
MAURICE KING, Inistioge, Co Kilkenny.
Madam, - In the present crisis our banks are being excoriated for "their reckless lending strategy" over the past decade. The following should not be forgotten.
The Government - in power since 1997 - was more than happy that an unending supply of credit be made available to the building industry. On the basis of what has come out of the tribunals there seems to have been a very cosy relationship between some of those builders and some of our politicians.
When it came to house-building, the Government was ecstatic at the stamp duty paid by citizens as they set up home. Many purchasers borrowed the stamp duty as well as the house purchase price - under the illusion that values would increase in aeternum. Now, with values falling, these citizens realise just what a financial millstone the Government has put around their necks.
And the galling part of it is that this self-same Government is now whacking on about how it is stepping in to solve the crisis. To a great extent the crisis is of its own making. Its self-congratulatory talk of how well it managed the Exchequer and economy during the "boom years" is laughable. - Yours, etc,
VINCENT MacCARTHY, Cloncat, Fordstown, Co. Meath.
Madam, - It was heartening to witness one courageous act of Christian morality in the high flying business life of this greed-ridden country.
Mr Maurice Pratt's straightforward and up-front resignation (October 10th) could well be emulated by similar actions from others in high positions of trust in our creaking economy.
Wishful thinking, of course. - Yours, etc,
BETTY HENRY, South Park, Foxrock, Dublin 18.