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Jennifer McCann: “It's the people will suffer as a result of defunct bank bailout”

30 September, 2010 - by Jennifer McCann

Sinn Féin MLA Jennifer Mc Cann has hit out at the cost of the bail out of the Anglo Irish Bank and said it will have consequences for people living in the North as well as the South of Ireland.

Ms Mc Cann who chairs the Committee for Finance & Personnel said,

"At a time when working class people from all over Ireland are being told that they will face cuts to their jobs, public services and welfare benefits, we see government injecting up to 34 billion Euro into an already defunct bank.

This will impact on people living in the Six Counties also, as many of the small and medium sized businesses here who are already facing financial difficulties due to lending practices by banks, depend on trade and business opportunities working on an all-Island basis.

Ordinary workers in the First Trust Banks in the North will lose their jobs and a possible fire sale of land due to NAMA taking on £3.35 billion of the North’s bad debt will see the economy weaken further.

The austerity measures and savage cut backs introduced in the South in their plan for economic recovery have only brought more unemployment and greater hardship for the most vulnerable in society. Cuts in public services and lack of investment in the SME sector will have the same consequences here." CRÍOCH

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