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Part nationalisation of banks must lead to ‘return’ for the taxpayer

13 October, 2008

Sinn Féin Chairperson of the Assembly Finance Committee, Mitchel McLaughlin MLA has said that the part nationalisation of banks by the British government should lead to a 'return' for the taxpayer.

Mr McLaughlin said:

"While we lack any real financial powers at the Assembly, despite the demand of many for greater independence, there are some important issues that need to be resolved when it comes to the billions of tax payer pounds being poured into the banking system.

"The part nationalisation of a number of banks must now lead to decisions that are in the interest of the taxpayer. This means a ban on the types of bonuses that have been given to senior banking officials in the past and it should also mean that any future profits directly benefit those most in need in our society.

"I believe that locally we should not only be looking at tax varying powers but also the whole range of financial powers to ensure there is genuine accountability within the financial system.

"The abject failure of self-regulating markets to work in the interests of the general public, that was at the hearty of Thatcherite policy, is clear for all to see. The financial system needs not just effective regulation it also needs to be properly policed to ensure that the corruption and greed which has created and fuelled the current financial crisis can not happen again." ENDS

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