As individuals, I hope each of the PTSB SVR mortgages find a way out of it. The fact is that I think it is universally agreed that government-run banks is something that is un-desirable. The state cannot continue to fund losses on these banks. Or it can, but then it needs more tax or more spending cuts in other areas.
If MM or any other golem of FF can start influencing the regulator or the banks themselves, then it is not long before the queue for special interest will grow. The unions will start demanding no pay cuts or job losses. Pensioners will be demanding higher savings rates. Borrowers will be demanding write-offs and rate reductions. The left-wing will be looking for preferential rates for "workers", and levies for the "rich". All on the basis that "sure, isn't it state owned"? Where does it end? The one party to this who had no say in the private contracts signed between PTSB and its customers, is the taxpayer. We cannot continue to socialize private debt, regardless of the awful precedents that should be set.
In life, we win some, we lose some. If the state should be stepping in every time luck is not on our side, then there will be a very long queue of unlucky people outside Golem's constituency office.