Edition Bobbett1. Texts by Elizabeth F. Bobbett: 1.1.3. Correspondence, Letters to newspapers

1960 Elizabeth Bobbett: Letter to the Irish Independent, 12.02.1960

The World Bank

In the daily papers recently we read that Ireland may join a new body, the International Development Association which has been launched as an associate organisation of the World Bank for Reconstruction and Development. It is mentioned that our membership fee would be £1,000,000 and we would have to pay an initial deposit of £100,000.

As legislation is necessary to authorise membership, I hope our TDs of all parties will give such a proposal proper consideration and vote for what is in the best interests of our people, and not play the roll of copy-cat trying to keep up with big wealthy nations.

The following questions might be a guidance. We paid £10 millions plus £1,300,000 in gold, to become a member of the World Bank. What benefits have we got from such membership? On the same page of the paper we read about the American Counterpart Fund, that the total amount of the loan in the books of the Central Bank on 31st March last was £49,978,465.

Surely if our economy is to be put right we should endeavour to pay our debts before we spend any more money in joining International organisations.

Our own people should come first. After the Shannon floods in 1954, houses were to have been built for some of the families, but instead, the poor people have again been flooded out. £100,000 would be better spent in relieving the flooded victims and doing useful work to, for instance, the foreshore at Wicklow.