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Banking revelations show senior politicians awareness of corruption and failure to act – Ó Snodaigh

22 December, 2009 - by Aengus Ó Snodaigh TD


Dublin Sinn Féin TD Aengus Ó Snodaigh has said last night’s Prime Time investigation into banking practices in Ireland proves that senior Fianna Fáil politicians and members of the elite golden circle were well aware of the corruption within the Irish banking sector well before the beginning of the recession last year.

Deputy Ó Snodaigh said the programme shines a light on the need for the main Irish banks to be nationalised and for NAMA to be scrapped.

Speaking today Deputy Ó Snodaigh said:

“It is very clear from last night’s Prime Time programme that senior members of Fianna Fáil and their friends in the elite golden circle were well aware of the malpractice taking place in the Irish banking sector well before the beginning of the recession last year. It is also quite clear that they failed to act and in fact that many of them benefited from this corruption and were integral parts of it.

“These people gambled and made huge profits at the expense of Ireland’s economy. And just look at the mess they have left.

“These revelations confirm my and my party’s view that NAMA was not designed to get the economy back up and running but to take all the bad loans off the banks' books and land them squarely on the shoulders of the Irish people.

“NAMA cannot and will not solve Ireland’s banking problems. It must be scrapped. We must look now at nationalising the two main Irish banks, taking them under state control and ensuring that they are run for the benefit of the Irish people and our economy rather than for the benefit of the wealthy few and senior politicians.” ENDS

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