Bank’s anger over rugby is rich

Isn’t it rich to see Ireland and Ulster Rugby sponsors, Bank of Ireland, and its CEO Francesca McDonagh, scrambling to reach the high moral ground in relation to the retention of rugby players Paddy Jackson and Stuart Olding?

Ms McDonagh doesn’t appear to see the irony of her stance and she also seems to be unaware of the toxic role of BOI in the recent decimation of the Irish economy and society. Is she aware her company probably wouldn’t exist had not the taxpayer bailed out BOI post 2008 to the tune of €5.5bn?

A little history lesson will inform her that the Irish banks, including BOI, together with the Department of Finance, the Central Bank, the Financial Regulator and politicians, through a combination of reckless lending and lack of oversight, combined to wreak long-lasting financial havoc on every aspect of Irish society. Homelessness, the housing crisis, vulture funds, evictions, unprecedented numbers of suicides and more than €6bn in annual interest repayments are a direct result of their handiwork.

What about the tracker mortgage scandal? As if that wasn’t enough, BOI and the other Irish banks are charging customers the highest interest rates in Europe, costing on average, according to some estimates, more than €35,000 extra for customers over the life of a mortgage. Certainly, while Jackson and Olding were found not guilty in the courts, the court of public opinion railed against the decision and they are paying a high price.

Their atrocious conduct, however, pails into insignificance compared to the irresponsible and destructive behaviour of the BOI now, and in the recent past.

Ms McDonagh and her colleagues would do well to remember that when contemplating throwing brickbats at others.

John Leahy

Wilton Road, Cork