Sir, – The privatisation of AIB has been greeted in many quarters as a celebration. In fact, it should be regarded as history repeating itself as a potential tragedy.
It is welcome AIB management admits its “profound regrets the bank had to be rescued by the State” and admits that “it owes a great debt of gratitude to the taxpayer” for the vast support given to the then largest indigenous private sector firm in Ireland.
Diarmaid Ferriter reminds us that “The Irish banking management culture was reprehensible in relation to customer charges, interest rates, facilitation of tax evasion and calamitous risk taking.” (“How can we stop corporate gombeen men running amok again? Credit unions could be the answer,“ June 20th).
Banking is similar to a utility like water, the roads, electricity and gas lines. Banking is too important to hand back a dominant company to a small group of self-interested, self-supporting private individuals.
SMEs and individuals will suffer. History will repeat itself. – Yours, etc,
PAUL SWEENEY,
Milltown,
Dublin 6.
