Sinn Féin MEP for Dublin Lynn Boylan has severely criticised government inaction on legacy bank debt in the wake of comments made by Joachim Pfeiffer, the economic policy spokesperson for the parliamentary group of the ruling Christian Democrats in Germany.
Speaking prior to a meeting arranged with the Ballyhea Group in Dublin today, Lynn Boylan said:
“Joachim Pfeiffer stated yesterday that there was no chance of Ireland’s legacy assets being paid by the European Stability Mechanism (ESM) and that the €60 billion fund would only be used for future bank rescues.
“His words clearly indicate that the government has been sitting on its hands when it comes to this issue and has made no progress whatsoever on legacy bank debt. It is also clear that the European view of Irish legacy bank debt is far removed from the government’s hollow words on the issue.
“Mr. Pfeiffer also stated that if the ESM was used retroactively to compensate Ireland, other countries such as Greece, Spain, Portugal, and perhaps Italy would want similar compensation.
“His words highlight the fact that the government has not been pressurising other EU states on legacy bank debt. That Mr. Pfeiffer could completely contradict our government is a very worrying fact.
“It is now left to pressure groups such as the Ballyhea Group, who I am meeting with today, to TDs like Pearse Doherty and our MEPs to do the government’s work. I can assure you that I, as Dublin MEP, will work together with all parties to ensure we continue to remind Europe that a deal on our legacy bank debt is a necessity rather than an aspiration.”