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Greens must now demand that the plug is pulled on Anglo – Morgan

31 August, 2010

Speaking today after Anglo Irish bank reported an €8.2billion loss for the first six months of 2010, Sinn Féin Spokesperson on Finance Arthur Morgan said the Green Party, in line with their new policy, must demand that Fianna Fáil pull the plug on Anglo Irish Bank. If they do not then they should pull down the Government and let the people finally have their say.

Deputy Morgan said:

“Fianna Fáil have nationalised the losses of their banking and developer cronies and the revelation that Anglo incurred an €8.2billion loss for the first half of this year is the nail in the coffin for the Governments banking strategy.

“The culture borne by this Government has bred and prolonged this economic crisis. More money is being put into this parasitic banking entity, while vital funds are being seized from public services, such as hospitals and schools. When will this farcical situation end? The Government doesn’t know and will not take the action needed to stop the haemorrhaging of taxpayer’s money.

“When Standard and Poor’s downgraded Ireland credit rating last week, it was hinged on the realisation that should this Government continue on their devastating path to keep Anglo Irish on life support indefinitely, the cost of the bank bailout could double to as much as €50billion.

“The Taoiseach has presided over this financial crisis – he was Minister for Finance all through this period; for executives where profit and greed was their sole motivation, risk management and caution were thrown to the wind; the regulator was indifferent and turned a blind eye.

“The white collar crime and corruption that engulfed the Irish banking sector needs to be treated seriously and these bank executives and politicians that had a hand in this crisis should be held to account. No-one is in prison; no-one is before the courts; and two years have passed since this all came to light.

“Most of the executives embroiled in the financial crisis, most notably Michael Fingleton, have had the leisure of huge bonuses and pensions, totalling nearly €30million while ordinary people are struggling to meet the costs of feeding their children.

“If the Green party are serious about their new policy on Anglo Irish bank, then it is imperative that they demand their Government partners pull the plug on Anglo or that they let this Government fall and the people will finally have their say. Yesterdays U-turn in policy must be accompanied by resolute action, otherwise the Greens will be equally culpable for further wastages of taxpayers money into this black hole.” ENDS

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