Taoiseach’s remarks - The State has let the people down

The Taoiseach is attempting to rewrite history by blaming the Irish people for the country’s economic difficulties and accusing them of going “mad… borrowing”.

While developers and bankers were certainly guilty of greed, the vast majority of people did not go mad, as he would have it. Many of those now in financial trouble were actively encouraged by government and by politicians in general to get on the property ladder.

Personal credit increased because there was a lack of regulation by State agencies whose job it was to keep the banks on a tight rein. What was seen as the security of the Financial Regulator was meaningless as the banks gave greedy developers loans totalling a staggering €55bn, stoking the fires of speculation.

Yes, the crash was “spectacular”, as Enda Kenny claimed in a blatant outburst of revisionism at Davos. But the people were not to blame. Those struggling to survive government austerity programmes and praying for debt forgiveness, will find his remarks “offensive”, to quote Sinn Féin. Nor was the country “partying” as former finance minister, the late Brian Lenihan, said.

Meanwhile, we learn from Finance Minister Michael Noonan that Nama “has no information” on how many employees in debtor companies have salaries in excess of €100,000. With taxpayers’ money involved, such a glaring lack of information is unacceptable.

Another agency also came in for criticism yesterday as Mr Justice Peter Kelly observed that only 11 gardaí were involved in the most serious investigation of its kind in the history of the State, the multi-billion euro scandal surrounding the former Anglo Irish Bank, the collapse of which has wrecked Ireland’s economy.

Characteristically, Mr Justice Kelly, who heads the Commercial Division of the High Court, did not mince his words over the length of time it is taking the office of the Director of Corporate Enforcement to complete the probe into the bank’s murky affairs.

The note of frustration in the judge’s remarks reflects the sense of disbelief in the public mind at the interminable nature of the Anglo affair. With the economy in tatters and some of the most vulnerable people in society being squeezed by Government to pay off the national debt, there is an undeniable perception that the culprits at Anglo are getting away with it.

Clearly, the strategy of not prosecuting the suspects until all five strands of negotiation were completed was to blame for the delay. Arguably, legal action should be taken on completion of each strand.

If the Anglo debacle happened in other jurisdictions, the investigation would have finished long before now. If more staff are needed, they should be recruited without delay so the investigation can be accelerated.

With criminal activities suspected in the collapse of the rogue bank, it is high time those responsible for this appalling debacle were brought to book.

Justice delayed is justice denied.