Follow UK -- sell off State assets
Sir -- Willie O'Dea's argument ('Don't sell State assets to plug hole in finances', Sunday Independent, August 8, 2010) against selling off State assets points to Railtrack in the UK but omits the overall economic revolution of the Eighties. After the sale of utilities, railways, telecommunications, airlines, airports, ports, steel, and coal industries, a large burden of collective indebtedness was converted into a positive and taxable cash flow. There was a complete turnaround of fortunes. Investors had new opportunities and managements revitalised tired industries and competition thrived.
Why should Irish State industries not enjoy similar advantages? Would not a sell-off attract new professional management, substantial inward investment and help provide a kickstart to a new economy for Ireland? Likewise has it not been shown there is an indecent and incestuous relationship between bank management and governments?
If these institutions become part of other successful organisations at arms' length from the Government, the State, account-holders, employees and taxpayers will all benefit.