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Sinn Féin will resist selling off of state enterprises

4 July, 2010

Sinn Féin Finance Spokesperson Arthur Morgan said his party will resist the selling off of state enterprises, or what he called ‘the family silver’. Morgan said privatising boyant state companies which are actually returning investment for the public coffers was an agenda driven policy and would not fix the economy.

Morgan said:

“Sinn Féin will resist every and any attempt to sell off the family silver, state enterprises that are boyant and actually returning money to the Exchequer. It was not state companies that helped cause this crisis, but private banks, and history has shown that privatising services leads to a diminishment in those services. We can see from news today that it also leads to unstable working conditions, as the employees of Eircom can testify to.

“Privatising companies is an ideological agenda pursued by Fianna Fáil and Fine Gael for decades. Behind it is short-sighted greed and often those who benefit have close ties to the government in power.

“This Government’s approach to solving the economic crisis is flawed. Reducing the deficit over such a short period of time to meet some bizarre rule set by Europe is compounding the crisis, not fixing it. In addition they are bankrupt of ideas on how to implement their own policies. Selling off a profitable state holding is madness.”

Commenting on prospective job losses in AIB and Bank of Ireland, Deputy Morgan said:

“These banks are being entirely propped up by taxpayers’ money at this stage and we have seen no return for it. Why are workers being let go when CEOs continue to earn up to half a million euro per year? The investment in these banks, which the Government is keeping off the general government balance sheets as it pretends to close the deficit, is not working. It is time to nationalise these banks and deal with the management that have failed abysmally to run them.” ENDS

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