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Dublin: 11 °C Monday 20 May, 2013

What would Michael Collins think of Ireland’s banks?

Historian’s presentation at Glasnevin Cemetery will question how the former Minister for Finance might view the current state of affairs.

Michael Collins addressing crowds at Dublin's College Green after signing the Anglo Irish Treaty in late 1921.
Michael Collins addressing crowds at Dublin's College Green after signing the Anglo Irish Treaty in late 1921.
Image: AP/Press Association Images

MICHAEL COLLINS was appointed Ireland’s Minister for Finance in April 1919 by Éamon de Valera, replacing Eoin MacNeill who had been in the new post for just a few months before he was made the new Minister for Industries.

Collins retained the finance role throughout the controversial Anglo Irish Treaty negotiations and the foundation of the Provisional Government, until his death in August 1922 during the Civil War.

One of Collins’ primary tasks upon his appointment as finance minister was to organise fundraising for the first Dáil Éireann, and he subsequently organised the issuing of bonds called the ‘National Loan’. Given that the War of Independence was underway at the time of his Loan project, all monies raised had to be secreted away in homes and hiding places.

But what would Collins make of Ireland’s banking methods and financial institutions today?

As part of its series celebrating Irish patriots, Glasnevin Cemetery is hosting a lecture by historian and author Tim Pat Coogan later this month which looks at how Collins could have viewed Ireland’s current economic situation, given his work as finance minister.

“I think it’s safe to assume he would not have allowed us to lose our economic sovereignty to the EU and to the IMF,” Coogan told TheJournal.ie.

“He would not have allowed it to happen in the first place because he would have been watching things. The laxity that crept in would not have occurred – and it if the situation had somehow developed, he would have taken pretty strong action, there would be people in jail by now.”

“Collins was a man with a short fuse who was quick to anger and he was very moved by injustice,” the historian added. “He would have been bereft over the situation in Ireland now.”

Coogan says his lecture will focus on “what Collins would have countenanced and what he wouldn’t have” in Irish banking.

“He hated waste,” Coogan said, “and there was a reverence for his prudence and economy and balancing the books.”

“His National Loan project was enormously successful. He was taking on and defeating the British secret service, the British Army and the RIC at the same time. No one who subscribed to the Irish National Loan failed to get a certificate despite the circumstances.”

Entry to the 19 August event costs €10 and proceeds will go towards the cemetery’s maintenance. The lecture will begin at 2.30pm and places can be reserved by contacting the museum on 01 8826550.

Throughout this month, a group of actors is re-enacting the rousing oration Pádraig Pearse gave at the graveside of Irish Republican Jeremiah O’Donovan Rossa. Further events celebrating other pivotal figures in the push for Irish independents who are buried at the cemetery, such as Éamon de Valera, are also planned.

Collins was shot dead during an ambush at Béal na mBlath in Co Cork on 22 August 1922 during the Civil War between those who supported the Anglo Irish Treaty and those who opposed it. Around half a million people attended his funeral at Dublin’s Pro Cathedral:

Video: footage from Collins’ funeral in 1922


YouTube credit:

“But the fools, the fools, the fools!” – Pearse funeral oration re-enacted at Glasnevin >

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Comments (59 Comments)

  • I think Collins, Dev, Griffith, the leaders of 1916 and all those who fought and died for our freedom would vomit if they saw the state of the country today.

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    • As they would not have been negatised , they would marvel at our world class hospitals, schools and standard of living for the ordinary people They would then get on with the work of improving this already amazing country.

      Reply
    • Are you actually saying we’re worse off now than we were in the 1920s….

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    • True enough guys but the greed and corruption would disgust them. This country of ours has so much potential yet it has been stained by the actions of a few.

      Any other country would have jailed those responsible yet here they are free and given huge pensions and expenses while the common man and woman struggle on.

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    • In terms of morality, greed and corruption – yes we are worse off now! Take your nose out once in a while and you’ll see that

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    • Dev?

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    • Can’t imagine Collins having his head rubbed for being a good boy. He would have never have put the banks debt onto the backs of his fellow Irishmen either.

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    • You say any other country would have jailed the people. We are not the first country to enter a recession due to banking failure and political corruption but to my knowledge very few of the people responsible ever see justice.

      Given the volatile time Collins lived he would be extreme in his actions, today we are in a volatile time of a different sort but the radical action is not there because we do not have the caliber of a man like Collins leading the country.

      I think he would be sad to see the type of people we let run this country but would be delighted with all we have achieved.

      Reply
  • If Collins was still around then many of the bankers and developers would be in jail. Would not be surprised to see one or two prosecuted for treason and possibly executed. And rightly so.

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    • Are you in favour of the death penalty in the US and China also?

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    • Because it’s speculative I am in favour of the death penalty. In reality no I am not. Collins was willing to tale those tough calls though. Obviously in general we are far better off than in 1920’s but that does not mean that what bankers have done should not have been dealt with much more severely.

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    • I agree with you that they should have been dealt with more severely (and hope that they still will be or at least laws will be changed to make their damaging actions illegal) but at the same time I’m not in favour of the death penalty. It especially worries me given the growing trend for mob rule and vigilantism. I assume all those that gave red thumbs above do favour the death penalty?

      And of course unfortunately there were far more than just the bankers who got it wrong in the past decade.

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  • OU812 12/08/12 #

    I don’t think Collin’s response would have been purely political.

    We’re talking about the man who created modern guerrilla warfare (out of necessity), & who was able to stir thousands to action with a speech.

    I’m pretty sure we would have been looking at a coup situation.

    ~ Gonna go off now & write the first draft of “Zombie Michael Collins” & make millions :)

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  • Collins would have seen the banks for what they were, inept, corrupt and a threat to our sovereignty. He certainly wouldn’t have propped Anglo up to benefit his friends to the detriment of the Irish people.
    Neither would he have stood by and let a succession of politicians, mostly FF/FG, use their positions to personally enrich themselves at the expense of the people they claim to represent.
    As for the financial regulator, lets just say he wouldn’t have been handsomely pensioned off to live happily ever after.
    In short he would be sick to see what has come to be to the country he fought and died for.

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    • Rommel just a small criticism of your contribution…in which you refer to the so called pensioning off of the Financial Regulator. This simply did not happen as the pension provided was a contractual entitlement and therefor had nothing to do with the termination or loss of office by the individual. History will no doubt show that the person who held this position was incompetent but I do not believe he was corrupt. Whether the present State or a past one that included Michael Collins removed the pension contractually earned by an individual such behaviour would have been simple theft and reprehensible. I’m sure you wouldn’t stand over such an act?

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    • It would be unusual for competence to be overlooked as a term of an employment contract. This regulator must surely have been in breach of his employment contract. Hence, no entitlement to pay off/pension.

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    • Mick, I take your point.. What I was alluding to is the situation that has arisen where those who brought about the mess are invariably not the ones suffering because of it.
      I’m not sure of another country that rewards incompetence quite as well as this one. There may be others but that doesn’t make it any less a bitter pill.

      Reply
    • The regulator could have been sacked for gross incompetence.

      In any case, a formula could have been found to avoid the big pay off, most of which was discretionary.

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  • The bottom line is Collins had balls and our current government are a pathetic spineless bunch.

    But we already knew that!

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  • It sounds very much like crystal ball gazing from Coogan. Government has changed completely in the 90 years since Collins was killed. After all Dev tried the self sufficient Ireland, isolationist and outside of Europe. It didn’t work. It wasn’t until Lemass onwards that the country’s economy picked up and living standards increased – greatly sped up after 1973 onwards. Don’t forget that women had to leave their jobs after getting married up to around 1975. It has become popular to bash everything in relation to the EU recently but it has had lots of good outcomes for Ireland as well as bad. These are quickly forgotten about though by media and the public.

    I do hope they raise funds for the Cemetery though, which is the primary purpose of the event.

    Reply
    • Government may have changed, but sovereignty is still sovereignty.

      “Ireland entered the euro in 1999 and lost control of the two vital monetary instruments : setting interest rates and setting currency exchange rates.
      Had Ireland remained outside the euro, it’s bankers would not have gained access to the euro zone’s vast and low interest borrowing opportunities.
      Without the outlandish credit available within the euro zone, the building bubble, the resultant government tax windfalls and Ahern’s, McCreevy’s and Cowen’s spending splurge would have been impossible.
      The country would not now be in receivership … For Ireland there has not been a shared and equitable European solution. The banks, mainly German, which lent rashly, are receiving a 100 per cent bailout. Not from those who borrowed, but from the Irish tax payer. Apart altogether from the unfairness of the imposed solution, it will not work, because it cannot.”

      – Professor Edward Walsh, founding President, University of Limerick, Beal na mBlath oration, Michael Collins commemoration as quoted in the – Irish Times, 22/08/2011

      Reply
  • It’s time to bring back a few flying columns for all those boyos who can’t remember the password to laptops in Anglo Irish.

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  • A very “if” and “but” scenario, but interesting to think what Collins would think and how he would have acted. I often wonder what he would have thought of what DeValera did to Ireland the wake of his death. And it makes me think – surely even though things are awful at the moment, at least Ireland has reaped a better infrastructure from being in the EU (roads, hospital investments, etc).

    I think what DeValera did to Ireland set us up for the position we’re in today. His self-sufficiency, ultra catholic, containment-like policies bred parochialism and educational ineptitude (e.g. intelligent Catholics needing permission from their local priests to attend TCD – many not allowed. These people receiving poor education but bright, landing political jobs with no experience: easy mistakes made, more willing to to fall into corruption), which I think are two of the biggest factors in how corruption came to be so rife in politics and also why we needed the EU funding, loans – because up until the 1980s Ireland was bordering on third world status.

    Of course the actions of the banks and politicians in our contemporary world are the reason that the country has been betrayed so heinously. But without DeValera leaving a bad legacy, it might not have been so easy for the banks to act the way they did. Partition issues aside, DeValera took what Collins had been fighting for and turned Ireland into a country at the mercy of the church, where women were actively encouraged to occupy the domestic sphere (even thought women were more or less treated as equals in the fight for Independence), where education and parochialism were inherently linked. And these problems – particularly the last one, which I personally think it one of the major reasons we’re in the situation we’re in now – these set Ireland up for the fall, as after DeValera’s death, politicians emulated his way of doing things.

    I tend to romanticize Collins a little perhaps, thinking of him more as “driven” to committing his acts of terrorism. Funny how time allows me to justify his actions, yet the IRA and anything to do with them make me sick. But I will indulge my rose-tinted side and say that if Collins had lived and got into power, I think he was an intelligent man, and someone who understood the economy. I would like to think he wouldn’t have involved religion with government in any way and helped promote education for all.

    I think sometimes of the wonderful renaissance of literature and culture that was going on in Ireland pre-civil war. Where did all that go? We lost so much of what made Ireland unique: progressive, exciting writing changed into a cult of “book burning”. Maybe Collins would have been no different, but I think his background would have reflected how he engaged with politics: making Ireland more than a pet project for himself, and rather a country that could stand alone, with an identity.

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  • It is like comparing two different planets.

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  • The situation with the Irish banks is the culmination of a lengthy process in the corruption of Irish politics. Michael Collins belongs to a different era – a different political culture & climate. This is the era of the backhander and brown envelope rather than the bullet and the sword and politics and political cultur that is typified by those that would lie and cheat to get elected and then drag their country down for a corporate donation to their party coffers or their own back pocket.
    Of course the electorate has a part to play in all of this – people were not energized, votes were squandered by thoughtlessly supporting the party/politician who told the best lies or made the most attractive false promise. On the basis of these false promises we now have parties in government whose members stand in false reverence at the graves of Collins and Connelly. The biggest lie of all!

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  • I love speculative waffle. If Jesus was around today he’d have been the first and second winner of the x factor. He’d also love the odd breakfast roll.

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  • Nothing wrong with a breakfast roll

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  • How does anyone know what a person would have thought ? ?

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  • Tommy I think the former terrorist would have a fair bit to say as before he was a terrorist he worked in finance and was fairly good at it..he played a part in starting new ireland assurance and it proved to be very successful…his experience of matters financial were far superior to anyone in the current government

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  • I honestly think he’s got more things to worry about! His daughter was kidnapped and trafficked into the sex industry over in Paris where he only had to rely on a est minute phone call from her and one of the men were in the end promised to look for him, find him then kill him

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  • Is there really any point in speculating what someone from 90 plus years would do?

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  • Change the name of the Anglo Irish treaty?

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  • CSEC BIO 12/08/12 #

    Lots of talk what Collins would have done about the bankers. What would he have done about the politicians? Am I alone in thinking that every political party leader in the state over the last 20 years should be put on trial for economic negligence (at best) or even wilful economic treason (at worst)?

    Reply
  • It’s true that Collins probably wouldn’t have lost our sovereignty in the first place, but what do you do when sovereignty is already lost and you have to win it back?

    If Collins were running things today he wouldn’t look to default, take us out of the euro or do anything else reckless. He’d prudently manage our finances, cut spending, raise some taxes and get the debt under control.

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    • Would he have voted for blanket bank guarantees, paid obscene amounts to unsecured bondholders while continuing with the failed policies of austerity? I think not.
      I don’t think he’d be sneaking in pay rises for advisors either come to think of it.

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    • It’s all “if’s” and “I think…”

      The truth is that nobody knows. That’s why I’m so against this particular type of speculative, populist history. It often has more to do with one’s present political views than a reading of the past.

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    • “At the same time I think we shall safely avoid State Socialism, which has nothing to commend it in a country like Ireland, and, in any case, is monopoly of another kind. ”

      “The development of industry in the new Ireland should be on lines which exclude monopoly profits. The product of industry would thus be left sufficiently free to supply good wages to those employed in it.”

      “Taxation, where it hinders, must be adjusted, and must be imposed where the burden will fall lightest and can best be borne, and where it will encourage rather than discourage industry.”

      General Michael Collins

      Are Fine Gael the rightful heirs of his legacy? I doubt it!

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    • CSEC BIO 12/08/12 #

      Maybe, but it would be the nature of the tax increases. Would he be like Bertie, Brian C and Enda and strangle the working middle class until they have become the new working poor or would he extract a fair tax from the wealthy?

      The arguement that Ireland is a low tax economy doesn’t hold up! If it did why don’t we see tax tourists coming here and why do we have tax emigration (U2 etc)? At present our politicians are selling us lies. Saying we can’t tax the rich, it is just they don’t want to tax their friends in the lobby groups.
      Collins would tackle special interest groups and would demand top ranking civil servants to do their fair share. Politicians of today want the low paid civil servants, the working middle and working poor and the unemployed to pay for the recklessness of the elite and ineptness of the political class. SHAME ON FINE GAEL, FIANNA F?IL & LABOUR!

      Reply
    • Oh piss off blue shirt traitor

      Reply
  • Thanks for this. I think our past heroes would indeed quake at the state of the Free State. I agree with CSEC BIO. After a period of standing alone, the men in mohair suits came along and the cute hoors sold off our sovreignity if it ever existed in the first place. Clientilism with multinationals and tweedle dum tweedle dee political culture basically annulled the political process. So I think that Mick would weep at the lack of distance travelled as a nation, only the post boxes’ colour changed. Maybe Connolly was right, Hold on to your rifles, boys. Easy for me to say in Olympic capital, Derrylondon. Peace.

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  • Collins would have coolly looked at the options for the country, decided what was the perfect solution and acted to achieve it.

    He was ruthless with anyone corrupt or dishonest; he would not have allowed the pyramid property scheme to have built up in the first place. If he had come to power after it had created its ruin, he would have sacked everyone involved and promoted people known for their stringency, and kept a strict oversight on financial dealings after that.

    He would certainly not have been intimidated by the bankers as poor Lenihan was, and panicked into signing an open-ended guarantee that would bankrupt his country.

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  • He,s be turning in his grave after what he fought and died for just got given away to the Germans to save the banks and give the employers €500,000 a year.

    DISGUSTING!

    R.I.P Michael Collins x

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  • liam 12/08/12 #

    he would think that Glasnevin Cemetery is
    in a mess overpriced parking charges, cafe charges
    and unkept grounds
    Better for a tourist to visit the Dunsink dump

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  • GoGo99 12/08/12 #

    The support is laughable, he was a very young man when he was killed, if he had lived he more than likely would have been corrupted himself sooner rather than later.

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  • He’d scrap the treaty and instead negotiate our reunion with the UK. Our independence has been a disaster. Ruled by a corrupt political elite and out children abused by a theocratic pedophile infested clergy we have nothing to celebrate. Better we seek union with Britain before its too late. Germany is about to ditch us over the euro we need new allies

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  • Collins had a habit of murdering people he disagreed with – this also goes for all of the 1916 gang of thugs.

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  • Why do we care what a former “terrorist” would think with his voodoo economics?

    Reply

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