An Open Letter to Dail Eireann……..30th. April 2014.

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Christopher M. Quigley
30th. April 2014.

Irish Times 29th. April 2014:

“Judge Martin Nolan boiled the entire Quinn-Anglo affair back to where it all started: the office of the financial regulator on Dame Street.
“It would be most unjust to jail these two men when I feel that a State agency [the financial regulator] had led the two men into error and illegality,” he said.
Judge Nolan praised Gardai for carrying out a “difficult and unusual investigation” but his comments on the regulator who started the whole investigation were extraordinary.
“I find it incredible that red lights didn’t go off someplace in the regulator’s office and the appropriate legal advice was not sought.
“It seems to be by not taking action and not warning the bank, they (financial regulators office) gave a green light to lending for the purposes of buying shares.”

Given the extraordinary but honest and fair statement above given by Judge Martin Nolan at the conclusion of the Anglo Trial yesterday it is time for the Irish Government in general and Michael Noonan the Minister for Finance in particular, to be honest and fair with the struggling mortgage class in Ireland.
I attach below a brief article written to Mr. Patrick Honohan on the 2nd. September 2011.
As a matter of constitutional justice the Irish Government should now grant a mortgage amnesty to Irish families suffering financial hell as a consequence of the actions of the Irish Central Bank.
If an honorable judge has decreed that executives of Anglo Irish Bank cannot be held guilty under law due to the incompetence of the Central Bank regulatory systems then the same logic of honesty and fairness must apply to Irish citizens.
Accordingly struggling mortgagee’s must not be held legally liable for debts which were built up due to unsustainable property loans granted by Irish banks with the express permission of the Irish Central Bank. This authorization should never have been given, Judge Martin has spoken, and it is on the record for the world to see.

Paddy Honohan, the Irish Central Bank
and Justice for the Irish People.


Christopher M. Quigley
B.Sc., M.M.II., M.A.

2nd. September 2011

Paddy Honohan, Governor of the Irish Central Bank, shamed himself when he gave testimony to the Oireachtas Finance committee today.

When asked about debt forgiveness for struggling Irish citizens he retorted that it was the job of the Irish banks to get back as much capital as possible and not “grant any gifts”. How dare he say such a thing?

This is the very same person who had no problem with the following:

35 Billion Euro in capital being GIFTED to NAMA developers on the 3rd of August 2011.

30 Billion Euro being GIFTED to Anglo Irish Bondholders through a 10 year promissory note.

17 Billion Euro being GIFTED to the Irish Banking fraternity to create a so-called “core pillar banking system”.

All the above GIFTS are being bankrolled on the good faith and credit of the hapless Irish citizen.

Irish consumers were motivated over ten years to enter into a lending boom overseen by an incompetent regulatory framework under the command of the very self-same Irish Central Bank which Paddy Honohan currently proudly and arrogantly presides over.

When will the Irish people get JUSTICE?

Paddy Honohan destroyed the negotiating position of Brian Lenihan and the Irish State with his mis-timed statements during the course of the IMF/EU bailout crisis. For this he should have been made resign. Now he is exercising the same kind of treason on the struggling debt consumer. Under his watch he wants blood extracted from Irish homes instead of granting a much-needed “leg-up”. (Note: on the 30/04/2014, In Galway District court ALONE, this week, there are nearly 150 actions for evictions by banks).

The Irish people deserve better, they need a break, they need fairness. If 82 Euro Billion was good for the developer-bondholder goose in all fairness is not a paltry 5 Billion Euro good for the hard-working, tax paying, gander?

Irish citizens’ earnings will be used to bail out the banking mess for decades to come. Many of these citizens are in financial hell. Under the leadership of Enda Kenny and Eamon Gilmore the very least the new Irish government should do is to stand down this Central Banking Governor and insist that intelligent debt leniency be granted to families struggling to maintain homes and hearths.

If the Irish citizen is in fact bailing out AIB and Bank of Ireland et al, financial Justice and Fairness in this instance are not a GIFT they are a right.