Now is the Time for the Government to Step Down

5 October ‘09

A Chara,

We live in a sea of misinformation, political corruption and very low standards in public office. Our politicians prostitute their integrity and self respect in order to cling to power. Nobody stands down when it is the decent thing to do.

Whatever ones opinion on the governments handling of Anglo Irish and Brian Cowan’s response to some bankers suggestions on the night of the 29th September, 2008 that Anglo be nationalised, “We are not f****** nationalising Anglo”, along with the subsequent billions that have and will be spent on this zombie bank, there can be no doubt, as pointed out by David Curran (SBP), the lack of an Oireachtas committee probe into the banking crisis has spared politicians and arms of the state from being investigated. He also points out that a High Court Inspectorship, which is effective, efficient, speedy, transparent and objective has also not been carried out. What are we to make of this?

Despite the government’s protests that NAMA is supported by the ECB, the truth is the ECB has stated that the government should not pay more than the actual value of the assets and has warned against the danger of banks using the monies they are paid to rebuild their equity rather than lend to new and existing customers. The credit agency Moody’s has stated NAMA will not improve the credit ratings of Irish banks to borrow. In addition the banks are bracing themselves for significant post-Nama losses arising as a consequence of Ireland’s ongoing economic deterioration. Given that Irish banks are under intense pressure by overseas investors to repay loans, lending into the economy is a long way off. History also shows that lending to SME’s during a recession declines as they represent a higher risk. Yet the government has made no arrangements whatsoever to ensure lending takes place. In light of this it is difficult to understand why Irish society & culture should be decimated & divided through stringent cuts at a fraction of the potential losses NAMA very likely will incur.

Now is not the time to sack workers from the public sector. Nor is it the time to set it at loggerheads with the private sector, creating divisions in our society for years to come. Now is not the time to undermine the farming community & its essential role in rural life, nor withdraw essential services which support the backbone of our society.

Now is the time to plan an orderly transition over the coming years of personnel from the public to the private sector as the economy improves in lieu of agreement on a major overhaul of the public sector with the public sector unions. Now is the time to nurture our society and to seek effective cost reductions in the way government does business. Now is the time to put an end to the abuse of the welfare system. This is where tax payer’s money should be going.

The McCarthy report suggests ruthless savings while Anglo Irish, a zombie bank, has received and will continue to receive billions of tax payer’s money. The gross negligence of duty to the citizens of this state & self interest of this government during its tenure has extended to its demise. The time has come for a national protest organized by the public & private sector to send a clear message to this government & the elites they represent to step down. The time has come for the citizens of Ireland to stand together and reaffirm article 45.1 of the constitution which clearly states: “justice and charity shall inform all the institutions of the national life.”

Is mise le meas,
Albert Byrne

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