Government must also come up with plan to protect vulnerable people
Speaking to the media outside Leinster House today, in regards to the Government bail out of the banks, Sinn Féin Economy Spokesperson Arthur Morgan TD while he understands the need to stabilise the financial market this is a bail out for the banks and the Government needs to come forward with a plan to protect vulnerable people.
"We understand that, after the fall on the Iseq on Monday, the Government had to take action to stabilise the financial market. However, this is a bail out for the banks. We need to know now what assurance will be given to ordinary people out there who have lost their jobs, who are mortgaged to the hilt and are now facing negative equity in their homes, people who risk losing their homes, people who did not earn bonuses during the boom years that ran into millions. This bail-out is for the banks - it will mean nothing to people now embroiled in court hearings about mortgage defaults.
"It is imperative that the Government offers the same level of security to ordinary mortgage holders. The Government must produce a mortgage security package. Everything must be done to ensure people can reschedule loans, delay payments or subsume interest payment into the capital amount owed.
"And we do need to know the quid pro quo. What guarantees will the banks give tax-payers for this insurance deal? Will bankers be asked to forego bonuses for two years? Will the system become more transparent and be better regulated?" ENDS