Sir, – The investment by Canadian and American “carpetbaggers”, who bought Bank of Ireland shares at rock-bottom prices and “saved” the bank from State ownership, has hindered and not helped Ireland’s path to economic recovery.
Although Michael Noonan has lauded the deal as “tangible proof of growing international confidence in the future prospects of both Bank of Ireland and the Irish economy”, the situation is quite different. The desperation of EU leaders to save the euro has given Ireland and Greece a welcome breathing space in their attempts to stave off default on their sovereign debts, but it is not a permanent solution to either the euro crisis or reform of Ireland’s main banks.
Mr Noonan is behaving as if there is now a return to “business as usual” in Irish banking. The situation remains critical and the opportunity to affect a restructuring of the banking system has, once again, been put on hold by vested interests obsessed with maintaining the status quo at any price.
The Irish taxpayer is the real loser in this deal to maintain Bank of Ireland in its delusions of “independence”. It will remain dependent on Government money to stay in business for many years to come. – Yours, etc,