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Government banking policy in tatters - Morgan

20 February, 2010


Sinn Féin Finance Spokesperson Arthur Morgan TD has said both Bank of Ireland and Allied Irish Bank must be nationalised after it was revealed that the Government is to take a stake in Bank of Ireland instead of the €250million dividend which was due today.

Deputy Morgan said the Government’s banking policy is now in tatters.

Deputy Morgan said:

“It is now quite clear that the Government’s banking strategy is failing. The people were promised a return on its investment when Brian Lenihan announced the recapitalisation of Bank of Ireland and Allied Irish Bank. This has now turned out to be yet another false promise from a discredited Government.

“The Government must stop throwing good money into a black hole. Every move that they have made so far has been a disaster. We cannot allow the Government’s banking policy to hurt our economy any further.

“Had they nationalised rather than capitalised as Sinn Féin had advocated then we would not now be in this mess and small and medium businesses would have access to credit which would in turn lead to more jobs.

“The Government’s banking policy now lies in tatters. Bank of Ireland and Allied Irish Bank must now be nationalised and NAMA must be discontinued before it starts taking on the toxic debts of Ireland’s banks.” ENDS

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