We should have an American-style Bank Day

AS someone with little knowledge of financial matters, I would like to know if the the banks have some kind of leverage over the Government considering their arrogant attitude towards it? The Government gives that impression and appear nervous in its dealings with them.

Why can’t it introduce legislation similar to that in the US whereby all banks have to present annual audits on a particular day each year, usually after the Christmas holidays. They are also prevented from trading any of their stocks for something like 10 days prior to this date, which I believe is called Bank Day.

Surely this measure would prevent the irregularities currently being exposed by various financial institutions in Ireland.

Also, the banks are defying the Government with regard to paying their personnel large bonuses, saying they are contractually obliged to do so. This is hard-earned taxpayers’ money, so does our constitution allow the Government bring in emergency legislation to nullify these bank contracts at least until the recession recedes?

As far as I am aware, federal law in the US supersedes everything, but I don’t know if the our constitution would facilitate the enactment of something similar at short notice. Anyway, if it is possible to do so, it should only apply for a limited time, otherwise the incentive to work hard to earn more would be killed, thereby having a negative effect.

However, having said that, surely there should be some level at which bonuses are capped.

As can be seen in Britain, the banks there are similarly defying their government at every turn. Maybe we need a dictator to sort out this mess.

Ted Duffy

Meadowlands

Oakpark Tralee

Co Kerry