Fianna Fáil seems in a hurry to return to the recklessness of the Celtic Tiger era

JUST a short time ago this country was on its economic knees, seeking and getting economic assistance from the IMF and European Central Bank.

Instead of telling people to be frugal and careful with their money, Fianna Fáil Finance Spokesman Michael McGrath is now telling beleagured banks (still recovering) to loosen their ‘purse strings’ and put mortgage holders, many of them living beyond their means, on favourable tracker mortgages. They signed on the dotted line! He even goes further saying that restitution must be made for past errors. Does he mean Fianna Fáil mismanagement of our finances?

Now today, the Fianna Fáil experts are up in arms about Permanent TSB and other banks selling off non-performing loans.What should the banks do with these loans? The EU has warned PTSB to clean up its indebted loan books – 27 per cent of its loan book is in outstanding arrears. Many of these mortgage defaulters have failed to pay or communicate with PTSB and the banks for several years.

I saved hard for my pension, and the shares I once bought in Bank of Ireland are now in junk status territory. Yet, I never hear Michael McGrath voicing a sympathetic word for pensioners in this situation. Likewise there is little return on saving rates from the banks.

This suits Fianna Fáil’s reckless attitude to managing the finances of this country. Spend and borrow like there is no tomorrow!

I feel that each household should pay a nominal sum of €20 a month for sewage waste treatment. We should face up this responsibility, before the EU imposes big fines on us. Most of the rivers in Ireland are polluted as a consequence.

Thomas Baker, Abbeyfeale, Co Limerick.

Fianna Fáil Finance Spokesman Michael McGrath.