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Adams challenges government on two new stealth taxes

1 June, 2011 - by Gerry Adams TD


Sinn Féin President and TD for Louth and East Meath, Gerry Adams this morning challenged the Taoiseach on the introduction of two new stealth taxes by the government.

The Sinn Féin leader pointed out that in February the Central Bank said there was €6 billion of senior bond debt held by Anglo Irish Bank and Irish Nationwide. A very modest 50% reduction would save the state €3 billion.

Deputy Adams asked: “Would the government not be better doing that, and facing up to these bad banking debts and holding senior bondholders to account? Some of the banks have now held junior bondholders to account. Is that not a more decent, fairer and proper way to go forward?"

Speaking during Leaders Questions Deputy Adams said:

“This morning hundreds of thousands of people are coming to terms with the prospect of two new stealth taxes announced by Minister Hogan yesterday.

“Despite pre-election promises from your Labour Party colleagues, we now know that water charges will be introduced along with a new household charge.

“Taoiseach, can you tell hard pressed families, hundreds of thousands of them, listening to you today, exactly how much these two new taxes will cost them?

“Minister Hogan said that the purpose of the water tax was to reduce water usage. Yet more than 40% of water is lost because of the bad system we have.

“I understand that the cost of installing water meters will be €500 million.

“Would you not agree Taoiseach, that the best way to conserve water would be to use this €500 million to improve our water system, create jobs in the process, reduce this massive waste of water, without imposing these additional taxes on hard pressed families?”

The Sinn Féin leader concluded:

“There is a pattern, Taoiseach, in answer to questions which I put. You are always about what it will cost in terms of the big persons in our society, but totally unclear, and there are people watching this, who want to know as they wake up this morning how much this is going to cost them?

“Let me give you some figures.

“The Central Bank in February said there was €6 billion of senior bond debt held by Anglo Irish Bank and Irish Nationwide. A very modest 50% reduction would save the state €3 billion.

“Would the government not be better off doing that and facing up to these bad banking debts and holding senior bondholders to account? Some of the banks have now held junior bondholders to account. Is that not a more decent, fairer and proper way to go forward?”

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