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Fianna Fáil sowed the seeds for their political cronies to reap the benefits – Morgan

11 June, 2010


Speaking today after the meeting of the Joint Committee on Finance and the Public Service with the two authors of the preliminary report on the sources of the Irish Banking crisis, Klaus Regling and Max Watson, Sinn Féin Spokesperson on Finance Arthur Morgan said:

“The report on the causes of the banking crisis was upfront in stating that this was a home-grown crisis. In that regard, there can be no doubt that the blame must fall at the feet of Fianna Fáil and especially the Taoiseach Brain Cowen.

“However, when questioned in the Committee meeting today both Klaus Regling and Max Watson were reluctant to attribute blame and they avoided criticism of the Government and the Taoiseach. Indeed it seems that they too have adopted the Fianna Fáil mantra that everybody missed the signs.

“Blame cannot be shirked from the foot of the Fianna Fáil mantle and the Taoiseach Brian Cowen. Fianna Fáil cultivated the policies, sowed the seeds of free market profiteering and their political cronies reaped the benefits of unbridled banking regulation.

“Sinn Féin was vocal on the dangers of light-touch regulation, we were vocal on the inflation of the property market and we were vocal on the effects of a bust on the ordinary people of this State. But we were ignored, cast-aside and condemned for trying to cage the Celtic Tiger.

“Sinn Féin are on Dáil records as far back as the Housing (Miscellaneous Provisions) (No 2) Bill 2001 warning against Fianna Fáil’s irresponsible approach to property and banking. We seen the signs, we flagged them up but everyone lese including the Government, banks, auditors, regulators, the EU, the IMF, and now Regling and Watson, ignored this.” ENDS

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