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Government’s position on banking sector expenditure astonishing - Morgan

22 June, 2010

Speaking today after the admission by the Taoiseach Brian Cowen that the €22bn of taxpayers' money pumped into Anglo Irish Bank will not be returned or make a profit, Sinn Féin Spokesperson on Finance Arthur Morgan has lashed out the Government’s ineptitude to deal with the crisis.

The Government seek to unleash a litany of cuts on the poorest, most vulnerable sections of society, but they have simultaneously said good riddance to €22 billion of taxpayer’s money on a zombie bank.

We have a redundant and inadequate health system where misdiagnosis have become the norm, we have the prospect of the re-introduction of third level fees which will have the effect of undermining the smart economy as education becomes unaffordable and we have nearly half a million people signing on because the Government refuse to invest in the economy and inject any sort of stimulus.

Government expenditure on the banking sector, by the Taoiseach’s own admission, will not yield any returns for the exchequer or the people of this state, whereas investment in the people of this State through job creation, investment in infrastructure and front line services will boost economic growth substantially.

The €22 billion of taxpayer’s money that was put into Anglo is gone, never to be seen again. So too should each and every member of Government and Fianna Fáil who have swindled the people of this State.

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