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Doherty welcomes ending of bank guarantee scheme

26 February, 2013 - by Pearse Doherty TD


Sinn Féin Finance Spokesperson Pearse Doherty has welcomed the ending the Eligible Liabilities Guarantee Scheme this evening.

Deputy Doherty said the bank guarantee scheme has been an unbearable weight on the shoulders of the Irish people.

Speaking this evening Deputy Doherty said;

“I welcome the ending of the bank guarantee scheme. Sinn Féin opposed this guarantee scheme when it was first introduced in December 2009. At that time both the Labour Party and Fine Gael spoke out against it.

“Unfortunately however, since the Labour Party and Fine Gael entered government it has adopted the same Fianna Fáil failed banking policy and extended the guarantee not once but twice.

“The reality is that international investors have always been aware that the Irish Government would pay the debts of Irish banks as it repeatedly paid out unguaranteed and unsecured bonds in Irish banks costing the Irish taxpayer billions of Euros.

“The bank guarantee scheme was an unbearable weight on the shoulders of the Irish people. It should never have been introduced. There should have been burden sharing with bondholders.”

ENDS

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