Sunday 17 December 2017

Solid savers need some protection

Sir -- We all know that Gay Byrne is a 'gent' -- someone who does not hurl abuse at others even when justified. Not many people in his situation would be so magnanimous to Derek Quinlan, whose disastrous investments in the property market have destroyed his retirement funds (Sunday Independent, July 10, 2011).

However, 'Gaybo' is a household name in Ireland and a consummate professional. He can continue to work for as long as he wants to. The situation for many retired pensioners is quite different. Last year, you profiled a retired lady who had depended on dividends from Bank of Ireland for additional income. The collapse of bank shares has affected her and many other pensioners to a much greater degree than Gay Byrne and media professionals.

Surely the Government could guarantee some sort of basic return on Irish bank shares to investors aged 75 or over who held bank shares for a minimum of 10 years? The amount involved would not be great, but would alleviate unnecessary hardship for a small group of people who were ruined by the banks.

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