ipscope

Do academics not have the wherewithal and intelligence to draft an opinion piece to a national newspaper within the boundaries of commonsense and plain English? To see a ministerial advisor come out and slap down academics so openly is embarrassing and it is hard not to take issue with the construction of the original piece. While the man on the street may not appreciate the vagaries of ‘the dismal science’ it is very clear that something needs to be done, NAMA however appears a fait accompli. Banks could have been run until the 11^th hour, before a ‘jump on the bandwagon’ government guarantee scheme was formulated, nationalisation plan allowed or rescue plan put in place couched in rationale which was “to secure the national banking systems”. There are at least two financial institutions that regret taking up the guarantee scheme at this stage and frankly are seeking to exist the Irish market. Their exit strategies are currently playing out in court. What’s most interesting is that the current legislation, as drafted, is also destined to be occupying the courts and the minds of lawyers for some years to come.