Sir, – Central Bank Governor, Patrick Honohan (Business, May 24th) stated among other things that “repossession is an available option for the lender. It would be unwise to imagine otherwise”.
Prof Honohan is of course correct, but it seems to have been forgotten that the level of (Irish) arrears is a direct consequence of the outlandish lending policies of the banks in the boom period and the lax regulation policies of the Central Bank and the Financial Regulator, including the non-intervention of the (then) government. Not one of the bankers, regulators or politicians who brought about this dreadful situation have been brought to the courts to account for their misdeeds by the current Government. Indeed, it would appear that they are unlikely to have to do so any time in the future. The banks, in comparison, have been rescued by the taxpayer to the tune of many billions, and the individuals who caused this debacle have been allowed to go unpunished into a very comfortable retirement while thousands of Irish citizens are either without employment or have emigrated to foreign lands.
What a disgraceful and shameful situation. Are the current members of the Dáil going to allow this to continue . . . until, they too, embrace a comfortable retirement? – Yours, etc,
HC HARRISON,
Professor Emeritus,
Killiskey,
Ashford,
Co Wicklow.