By .Chris Quigley
Dear Ladies and Gentlemen of the Dail.
I note that Paddy Honohan has announced that he is to resign. With that in mind I attach an open letter I
wrote in 2011 for your review.
Another gentleman who should resign immediately is Richie Boucher, chief executive of Bank of Ireland. How dare
he say Bank of Ireland will not immediately reflect the will of the Department of Finance and lower its “rack rent”
interest rates. Rates that are twice the Euro norm.
Has this bank no sense of honor. No sense of history. No sense of justice. No sense of loyalty to the people
Mr. Boucher thinks he is only running a bank. He does not realize that he is actually running half the Irish economy,
an economy that has bailed out his bank and others to the tune of 82 billion Euro.
I beg the Dail to finally understand that banking is a business like no other. Its executives must be of a special
character. This particularly applies to Central Bank executives. These executives must never be allowed do what
they did in the past and must never be allow forget the honour they own the Nation.
If Richie Boucher continues to refuse to do the right thing the Dail must introduce legislation to force the bank
to lower rates. The Dail should also introduce measures to compel the banks to do justice to struggling
mortgage holders. Why should developers be given billions of write-offs and not genuine home owners in financial
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