Business Irish

Saturday 23 August 2014

Show us you really care, Mario

Published 05/02/2013 | 04:00

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EUROPEAN Central Bank boss Mario Draghi has laid it on thick for us, lest we forget how grateful we should be to our European paymasters.

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The ECB head received a near three-page letter from Fianna Fail's finance spokesman Michael McGrath detailing the economic picture in Ireland and setting out why we shouldn't have to repay the latest instalment of the punishing Anglo Irish promissory notes.

In return he sent a one-page reply, acknowledging the "resilience" of the Irish people in the face of austerity, and the fact that we'll emerge from the bailout.

And then he continued in a subtle, but nonetheless pointed manner, to remind us of the extent of support received from the Eurosystem.

"Over recent years the support from the Eurosystem to Irish banks, in the form of monetary policy and emergency liquidity loans, has been extraordinary," Mr Draghi wrote.

We haven't forgotten what you've done for us, Mr Draghi.

But nor should you forget the efforts made by the Irish public in shouldering the crippling debt burden of having to repay professional investors who gambled and lost.

And perhaps the ECB could grant us a little recognition of that, say, before the end of March.

Irish Independent

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