Home > Uncategorized > Responsibility and Accountability for Economic Crash

Responsibility and Accountability for Economic Crash

This letter was published in Irish Times, Saturday, November 20

The first act of a new government must be to pass a Bill excluding from current and future public office all persons who were members of the Fianna Fáil-Progressive Democrat cabinet in the 2003-2007 period.
Before he became governor of the Central Bank, Prof Patrick Honohan in the Economic and Social Review(Summer, 2009) said the “Irish banking system had been, in effect, on a life-support system since September 2008. Complacency resulted in the banks fuelling the late stage of an obvious construction bubble with massive foreign borrowing, leaving them exposed to solvency and liquidity risks which in past times would have been inconceivable. At the end of 2003, net indebtedness of Irish banks to the rest of the world was just 10 per cent of GDP. By early 2008 that had jumped to over 60 per cent.”

The Bill should also provide for similar exclusion of all those members who sat on the board of directors of the Central Bank and Financial Services Authority of Ireland over the same period. – Yours, etc,

PADDY HEALY, 086-4183732
88 Griffith Court,
Fairview,
Dublin 3.

Please support my campaign for election to Seanad Eireann 086-4183732

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