Regulation is the only solution

IN the wake of Ansbacher, as the probe for other secret tax scams intensifies, the public has been left with a deep sense of unease over the perceived lack of probity in the labyrinthine world of Irish finance.

The crucial importance of redeeming the tarnished image of corporate Ireland takes on added significance because of the economic downturn, starkly illustrated by the latest employment figures from the IDA.

In what the agency admits was the toughest period in years, 17,500 jobs were lost, with only 13,500 jobs created in 2001. This represents the first major reversal of a long-running trend as the economy suffered a net loss of 4,000 jobs during the year.