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Greed put paid to many dreams

Sir -- Upon reading articles regarding the new lives of developers such as Sean Dunne, Derek Quinlan and so many more, I cannot but question the rationale behind the formation of Nama.

Dubbed the State's toxic bank, it was formed to provide a solution to Ireland's banking difficulties. To quote from James Fitzsimons, (Sunday Independent, January 22, 2012) "property developers ... openly dumped their problems on society while they put their wealth beyond reach".

Pictures of period houses in London, four-wheel drives and sports cars are not something you associate with someone in dire financial trouble.How were the funds siphoned from under the nose of Nama's so-called experts?

I, like so many, am baffled at the reluctance of the Government to address this issue. It owes it to the taxpayer. In contrast, our ministers are not afraid to issue threats of penalties or jail for non- compliance on household charges and austerity imposed as result of bailing out developers.

For small businesses, failure means repossessions, credit and personal ratings destroyed -- but not if you're a developer. The €3.15bn that Minister Noonan instructed our banks to release to business in 2012 is merely a statement with no real intent behind it. If I fail, there is no organisation that will take my debts and compensate me for my failures and poor financial judgement. Yet the State provides handsome salaries to those who put our country into liquidation. Why compensate individuals who thought it made good financial sense to purchase a 25-acre site in Ringsend for €413m? So when one reads arrogant statements such as "Au Revoir, my D4 dream is over," bear in mind the dreams and aspirations of so many people are also over thanks to the greed of a few individuals.

Peter O'Dwyer,


Sunday Independent