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Government must stop funding Anglo Irish Bank

29 May, 2009

Responding to the government’s intention to bail out Anglo most recent losses Sinn Fein Deputy Leader Mary Lou MEP has called on Brian Cowen to let the chips fall where they may with the failed bank. Ms McDonald described Brian Cowen’s decision to put a further 4 billion euro into Anglo as a reckless move.
Ms McDonald said:
“The governments approach to Ireland’s banking crisis has been a disaster from the outset and rather than help Ireland’s business community get back on its feet it has thwarted the efforts of SMEs at every turn.  Credit streams have not been sufficiently reopened and homeowners continue to be unfairly bound to fixed rate mortgages.
“Malpractices at banks such as Anglo Irish were allowed to go unchecked due to poor regulation and a regularity body that was too close to the banks it was supposed to be regulating. It was also under-resourced.  
“Government encouraged and incentivised the property bubble, refusing time and again to accept that the escalation in house prices was untenable.  This is not a crisis that it is just the fault of the bankers – the government is entirely complicit.
“Now the government is literally pouring hard pressed taxpayers money into the most corrupt bank of all when what it should be doing is sending in the criminal assets bureau. From the start Anglo Irish bank deceived the state regarding the extent of bad loans on its books.   The state cannot keep coming up with additional revenue to put into this bank – this money is needed to run our public services.

“The establishment of NAMA is incompatible with the twin objectives of achieving the best value for the tax payer and exposing the tax payer to the least risk possible.   It should be abandoned.  Instead it must nationalise those banks that are of systemic importance.” ENDS

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