Note to regulator: We need action

AIB, the people’s bank, regulated on behalf of the Minister of Finance is once again biting the hand that feeds it.

In going after Tony O’Reilly’s debt they will not allow him time to maximise the best value on his assets, instead they will have “Fire Brigade Sales” with the docile ordinary taxpayer taking up the slack. How disingenuous! When one casts one’s mind back to earlier in 2014 when the same bank, who have defaulted on debts of well over €200,000,0000 in 2013 and 2014 to the Exchequer on foot of the people’s bailout of this bank and could then give “debt forgiveness” of approximately €120,000,000 to Ireland’s richest man on one facet of his vast business empire, a man who could not afford to honour this debt — who according to Forbes is worth €5.1 billion and to boot a Maltese tax exile. That sum again was taken up by the unfortunate tax player. It all seems so unfair and it is unfair. There is much more in the “closet”. All this under the care of a Regulator who said it would never happen again under his watch — Well it has- “in spades”. It is happening at a time when the Minister of Social Protection is finding means by way of costly consultation, of refining and reducing the entitlement to Free Travel etc.!

Tom Booth