Madam, – I am perplexed that a bank which had to be nationalised due to its mismanagement and insolvency is prepared to inject €700 million of taxpayers’ money into an insolvent company which is enduring difficulties. This is at a time when profitable businesses are unable to get access to short-term funding and cannot survive.
The prevailing situation defies logic. It appears there is one rule for those who took perilous risks, making losses and are now being bailed out, and another for those who are suffering from cash-flow problems due to the economic downturn.
If €700 million were released to businesses which are suffering cashflow problems, it would make an immense difference, however the system seems to favour the Golden Circle once again.
The current Government and its policies do not seem to favour SMEs, driving them out of business. It appears that “honest Joe” is being left in the lurch, despite the consequences. – Yours, etc,