THE ESTABLISHMENT of a “bad bank”, five-year renewable contracts for the public sector and zero capital gains tax for investments in business represent a selection of policies for a brighter future in Ireland.
More than 150 people attended two New Ideas For A New Futureconferences in Limerick and Cork yesterday, organised in conjunction with website newideas.ie in a bid to stimulate new employment.
Designed to examine innovative ways of thinking for Ireland, the forum seeks a path through the current economic difficulties in a solutions-based setting.
The “new ideas” conferences featured speakers from across the sporting, educational and economic spectrum, including athletics star Eamonn Coghlan and chief executive officer of Merrion Capital John Conroy, who both spoke in Cork.
Former Munster rugby captain Anthony Foley and Friends First chief economist Jim Power spoke in Limerick.
Panel members included Declan Kelly, crisis communications counsellor, Brendan Tuohy, former secretary general at the Department of Communications, Energy and Natural Resources, Denis Ryan of the Dell Workers’ Representative Group, and Paul Keary, senior managing director with event-driven consulting company FTI.
Mr Conroy said the revival of the banking sector was a prerequisite to economic recovery and called for a “bad bank” to buy up toxic assets that were draining the current financial system.
“The banks’ liquidity would improve as the problem assets are exchanged for liquid Government-backed bonds or private investment.”
He also said that although capitalism was on its knees, the hope was that we had reached the end of “unbridled capitalism”. A return to proper regulatory structures and practices could see capitalism through as the economic model of choice.
Mr Coghlan called for a more positive approach, and for the passion, enthusiasm and commitment needed to succeed in sport to be embraced by Irish society.
In response to a question from the public, Mr Tuohy advised personal accountability and the end of the “permanent and pensionable” job in the public sector.