ECB Interest Rate Cut/ Dermot Morgan/ Michael Noonan Turkeys and Christmas
In a week that saw major excitement about the EU making a “seismic shift” in its treatment of bank debt and a cut in the ECB main lending rates it just does not seem that much has really changed. By the end of the week our Mr. Noonan had to admit the EU “seismic shift” may have been more like a minor shift and although the interest rate cut will be a great help to the Irish people and economy he cannot force OUR AIB to pass on the interest rate cut! And of course OUR AIB decided not to pass on the rate cut to its customers.
It seams in Ireland the more things change the more they stay the same. I was lessening to a radio programme this morning about satirists and they played a clip from 1989 Dermot Morgan’s (who I had the pleasure of meeting at the height of his career) and RTE’s scrap Saturday and who was he taking off only the very current Mr. Noonan! Though he was not a minister at the time he was still in the tick of Irish political life. And now 24 years later when the country is in need of the most radical turnaround of any modern country we have at the head of our finances and indeed the most of government (Kenny, Quinn, Burton etc) people who have been around far too long. They have proven they are not capable of thinking outside the box (and FF are no exception here) to get the country moving again. Instead what they continue to do is prop up institutions like AIB, NAMA, ESB, etc …. which are holding back the country but keeping the old guard of which they are a major part, in the power and style they have been used too even through this depression we are going through now. Until we see some fresh people with new radical ideas we in Ireland who are not part of the golden political/professional circle are set for a very long and difficult road ahead.
It is a shame because our economy being small and flexible can be fixed very quickly but a major part of that fix involves a purge at the top of political and professional classes and we all know turkeys do not vote for Christmas!
Paul C Carroll Accountant