Set up a single nationwide bank
Published 24/04/2011 | 05:00
Sir -- Dan White posed the question of what to do with the Irish banks following the disastrous results of AIB, which is anything but a 'pillar' of the Irish banking system (Sunday Independent, April 17, 2011).
I suggest the National Reserve Bank of Ireland as the name for a single nationwide bank, under State control which would always act in the national interest. The management would be responsible to regional and local boards rather than shareholders; boards which would comprise elected officials imbued with democratic business ethics. Yet a bank which would also serve the interests of the business community as well as the general public. Small private banks on the lines of those in Geneva would provide bespoke finance for those who required specialised banking services: I suggest that La Touche Bank should be revived in this new reorganisation of Irish banking. We need to return to the ethics of Protestant banking to rebuild the country's tattered reputation.
Michael Noonan has always had Michael Collins as his political hero; now is the opportunity to create financial institutions fit for purpose and which will serve the needs of the Irish people.