We should follow Iceland’s example

ICELAND may have been the pioneer of recklessness during the credit boom but fortunately, compared with Ireland, it was also a pioneer in manipulating a swift economic recovery.

Nevertheless, Icelandic Prime Minister Geir Haarde, who was in power during the 2008-2009 monetary and property collapse, was recently before a special court in Reykjavik on charges of “failures of ministerial responsibility”.

He is just one of hundreds more that could face prosecution, not to mention those already convicted, for their part in one of Iceland’s worst financial disaster.

It’s amazing how differently two small nations can react to somewhat similar problems occurring in quick succession.

Ireland is in crippling debt with unemployment figures reaching for the half a million mark.

Yet, how did we treat our counterparts at the top in government and banking circles that were instrumental in causing Ireland’s 2008 financial debacle?

We simply allowed them retire discreetly with sums ranging upwards to over €1m, including “golden handshakes”, bonuses and pensions.

Despite irregularities and mismanagement, did our new Minister for Justice attempt to prosecute even one of those high-flyers or compel them to face court on charges of “failures of ministerial or ad-ministerial’ responsibility”?

Not likely.

James Gleeson

Thurles

Co Tipperary