4th August 2003

The Chief Executive

Sachsen LB Europe plc

9th Floor – Block A

1 George’s Quay Plaza

Georges Quay

Dublin 2

Dear Sir/Madam

You may have seen Paul Henry’s painting called The Watcher at the recent exhibition of his paintings in the National Art Gallery; it’s a rear view of a young woman from Achill  standing on the rocks looking out onto a very rough sea. You can imagine that she is worried that her loved one is still out there somewhere! You cannot see her face; this lends a taint of anonymity to the lady, helpless in the midst of impending turmoil. http://www.achill247.com/artists/Paul_Henry_Watcher.html

The Watcher gives me an eerie feeling! The initial part of my career was in Banking; all my study was to enable me to progress in my then chosen field. However, I always viewed the world differently and my superiors admitted that they could not understand me. Different views also create a lot of social baggage. I left Banking in 1989. I recognised years ago that the economies of our major trading partners would soon start going into reverse. This to me was as clear as night follows day. I became very afraid for the island economy of Ireland that was sailing merrily in a sea that was to become very rough. An Ireland in which my children will be building their future!

Like The Watcher, I felt helpless. I wrote numerous letters to the national papers. A small fraction was published. I wrote articles for the Mayo Association Yearbook and became Editor for the 2001 and 2002 editions. I used this vehicle to enunciate my views. I was getting so concerned in Dec 2001 that I did up a four page note, giving the reasons why the major economies of the world would nolonger be in a growth mode and the danger that this meant for the Irish economy and savings. I committed the cardinal sin of this technological age in DEC 2001 and sent my notes to almost all the banks in Ireland, including foreign ones; stockbrokers; the economic departments of our third level colleges; plus various government departments: some public business people, by EMAIL. I had to take the risk that it would not be deleted as junk mail.

Many of my friends did not take my advice. I can safely say that I have been the world’s worse influencer of people. Michael Commins of the Western People read my articles and wrote about them in a column of his. I enclose a copy for your consumption

My particular viewpoints are often contrary to the acceptable social values of today.  Pension funds and savings will continue to loose financially via financial buccaneers (Enron types) under current structures. Fund managers and Trustees must correctly read the imbalances caused by the opening up of a conflicting inter generation pull on scarce resources in the developed world! There will have to be massive change in the financial world, but opportunities will be limitless

Western Care Association(Brochure enclosed) Dublin will be holding the following:

10th Annual Dinner Dance

Burlington Hotel

8.00 p.m. Friday 12th September 2003.

Dress: Informal

Music: The Brose Walsh Band

County Mayo has suffered from under investment and from extreme out-migration throughout the 20th Century. The population is traditionally made up off a greater proportion of elderly and children. The local population are put to the pin of their collar to raise the associated voluntary internal funding to insure that the usual health care and charitable institutions operate with modern up to date facilities. We the displaced people of Mayo try to chip in whenever we can. You will be aware that most of the bank branches’s balance sheets in Mayo (often two in a small town with no worthwhile industry) have been traditionally net resource gatherers. This was mainly from emigrant remittances and continues to this day.  In addition, Mayo emigrants have being highly instrumental in encouraging U.S.A. to invest in the Irish economy. Many of its emigrants have invested in business ventures throughout the island of Ireland

Dinner Dance Tickets: Charity auction on the night.   €50.00 each can be obtained from our Chairperson, Mary Fraine PH: 086 8473769 or John F Higgins (holidays 15 –24th Aug) P.R.O. Ph: 01 2887651, Email: higgins.good@indigo.ie  or write to our Sec.

I ask you to bear the above event in mind and maybe you might consider our Dinner Dance an appropriate funnel in which to achieve some of your aims: re staff, customers. Got to keep trying to influence people! Thank you for reading this far.


Yours faithfully





John F Higgins. P.R.O.

Western Care Association, Dublin Branch.