Irish new bank bail-out: Your comments
- 30 September 2010
- From the section Business
The Irish Central Bank has said it will need to increase the amount of support to the country's banking sector.
It said supporting Anglo Irish Bank would cost from 29.3bn euros to a "stress scenario" bail-out of up to 34bn euros ($46.4bn; £29.2bn). The cost would push the Irish Republic's fiscal deficit to 32% of gross domestic product (GDP).
BBC News website readers from Ireland have been sending their comments about the announcement.
I'm appalled by the decision to bail out Anglo. The government is weak and doesn't know which way to turn, but the bank should be closed. It's costing 30bn to bail it out which is the cost of running the Irish Health Service for two years - so that puts it into perspective for me. The government needs to concentrate on creating jobs for the 455,000 (including me since being made redundant in February 2010) people who are out of work and who are on social welfare. Money has not been spent wisely in this country for years, and now we have to pay for the mess they've got us in. Mark Bowyer, Dublin
I am a chartered surveyor and have for the last six years run a small practice with my business partner. In October 2008 our telephones stopped ringing and our business has become progressively slower to the point where there isn't enough income to support my business partner and me and he is now immigrating to New Zealand leaving only me. As a husband and father of three children, I am hoping and praying that the economy will pick up since as a business owner I am not entitled to government benefits. The Irish job market breaks down as approximately 25% of the 2 million working population works for the government in overpaid jobs when compared to other EU countries. The dole queue accounts for approximately 25% of the working population which only leaves half the workforce supporting the other half. This has to be untenable and a major rethink of how our taxes are spent is required. I believe we should let Anglo fail without a bailout and those billion spent instead on developing manufacturing industries such as wind farm technologies which are currently being built by Scandinavian government - backed companies, or buying successful car manufacturing brands such as Volvo, which was recently bought by China for $1billion. Sean Oragano, Dublin
People are asking why Ireland can't do what Russia and Brazil did 10 years ago. Let the bank (and bankers) fail and start over. Russia and Brazil survived and look at them today. I realise they have more natural resources than Ireland, but comparisons between our workforces would certainly indicate that the highly educated and skilled Irish worker can perform at a high level. Victor L'Esperance, Spiddal, Galway
A third of our economy down the drain as a result of unregulated greed. The Celtic Tiger is dead and gone, we squandered our new-found wealth like a witless lottery winner. John Talty, Cork
To understand Ireland you need to understand Fianna Fail, who put party first and country second. The Fianna Fail government are playing for time in a long game strategy. Their Dail majority is on a knife edge, and there are three by-elections scheduled for early 2011 - which will propagate a general election. They know they will be hammered in the polls, and a Fine Gael / Labour coalition will come to power. So Fianna Fail will not be in government when Ireland's ten year bond rates hit double figures next year, and Ireland inevitably goes with cap in hand to the EU rescue fund and/or the IMF. Niall, Wicklow
The debt just seems to be rising and I don't think the government knows how to stop the rut. I've become disillusioned with the whole bail-out and I just wonder who the government are protecting. I've never dealt with Anglo Irish Bank in my life and there are numerous others like myself. Why are the innocent suffering? The concrete truck driving into government building yesterday I fear is the start of more to come especially when the budget is revealed. I've never considered moving abroad before but I'm definitely considering it now. D Scullion, Cork
This highlights - once again - how a small, powerful elite (the bankers and property developers) were allowed to bully an incompetent regulator and clueless government and gamble with the Irish economy. We, the taxpayers, are the big losers here. More than 60% of the bank boards look the same as they did two years ago. Margaret E. Ward, Raheny, Dublin
Brian Lenihan said on Irish Radio this morning, when asked about public anger. His response was "anger is not a policy". This is technically correct. His apparent smugness appears to be in keeping with the smugness of the bondholders. An Irish writer, John B Keane, wrote a play called The Field. In it there is a line that says "no Priest died during the great famine." In the Ireland of 2010 it appears that "no bondholder will be at a loss". The people though will suffer on a similar scale to the famine disaster. Sean Martin, Dublin
I am an Irish expat who left home six years ago and who also works in the financial services sector. I must say I am utterly dismayed by what is happening at home. The country is going down the toilet and a whole generation of young people are fleeing the island at an ever increasing rate. Sadly, this whole scenario has arisen due to the greed culture that existed in Ireland for many years, primarily illustrated by the ludicrous property prices vendors and developers were demanding at the height of the boom. It is now these same developers who were heavily leveraged (with Anglo and other institutions) who have left huge debts behind them and contributed heavily to this whole mess. Cathal Comerton, London