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Banking reports an indictment on Government policies – Ó Caoláin

9 June, 2010 - by Caoimhghín Ó Caoláin TD

Sinn Féin Dáil Leader Caoimhghín Ó Caoláin TD has described the two reports on the banking crisis published today as an indictment of Government policy and of Brian Cowen’s role as Finance Minister, on the financial regulator, on rating agencies and on bankers.

Speaking today after the publication of the two reports Deputy Ó Caoláin said:

“These are reports of fraud, burglary and mugging of the Irish people by a gang of corporate criminals aided by this government. People need to be held to account.

“These reports show how the Government recklessly managed our economy and led us directly into the current financial crisis. They are an indictment on Government policy and of Brian Cowen’s role as Finance Minister.

“They are also an indictment on the financial regulator, on rating agencies and on bankers.

“Contrary to what the Government would have you believe, Sinn Féin had been warning the Government for years of the economic implications of its policies. These reports vindicate Sinn Féin economic policy. We called for stronger regulation, for caps on remuneration, an end to property inflation, fair tax policy based on stable direct taxation and counter-cyclical budget policy. The Watson/Regling report particularly backs this up

“But they would not listen to us, preferring instead to dismiss us as economic illiterates. Well these reports show us exactly who the economic illiterates are. Fine Gael and Labour also wanted to feed the crisis – they wanted to lower direct taxes and abolish stamp duty, all would have added fuel to the fire

“The focus now must move from these reports – they sum up everything Sinn Féin has been saying for years. The focus must now be on the banking inquiry. Who will run this inquiry? Will it give the Government the verdict it wants? And most importantly will its outcome be acted on? Will this Government and the bankers still be in place when first the reports, then an inquiry, have exposed them for the corporate criminals and golden circle that they are? It’s time for action. The Government and all those bankers and others who caused this crisis must go.” ENDS

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