Gamblers should not have bailout priority

I WISH to set the context of a statement attributed to me by your report of the Dáil debate on the motion on bank stability (March 31) when it said “Sinn Féin’s Aengus Ó Snodaigh said there had been no bailout for ordinary people, like himself, who invested in eircom shares and lost money at the time”.

In fact what I said was: “I remember when people invested in eircom shares and many of them got burnt and there were cries for bailouts and help at the time. I was not one of those who believed that a bailout was realistic in that case because I, and the thousands of others who bought eircom shares, had gambled. We took a punt on shares on a market and, as one is always told, there is a possibility of losing money or of gaining money. The same can be said about everyone who gambled in the property market and on bank shares and who are now looking to be bailed out.”

Obviously a bailout to eircom shareholders, who were duped into buying shares, would have been welcome, but unrealistic.

The real bailout in the current crisis should be for those with reducing incomes who are ensnared by mortgages on overpriced homes facing crippling arrears or repossession, not the bailout of those who gambled billions on stocks, shares and speculative property purchases.

Aengus Ó Snodaigh TD

Leinster House

Kildare Street

Dublin 2