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Pension Reserve should be used to create jobs rather than bailing out banks

23 December, 2010 - by Pearse Doherty TD

Sinn Féin Finance Spokesperson Pearse Doherty has said the National Pension Reserve Fund should be used to stimulate Ireland’s economy and create jobs and not to bail out banks.

Speaking today as Minister Lenihan went to the High Court to seek approval to put a further €3.7 billion of taxpayers’ money into Allied Irish Bank Deputy Doherty said:

“When Sinn Féin proposed using the Pension Reserve Fund to stimulate the economy we were told it couldn’t be done but now we see that the Government is only too willing to commit this money to the banks.

“This is a further failure of the Government’s banking policy. AIB and BoI should have been nationalised long ago. This process can only increase the cost of eventual nationalisation.

“This money should be used to stimulate the Irish economy and create jobs rather than being used to bail out banks.

“If this had been done when we had suggested it many people would be having a much happier Christmas and would be facing the New Year with much better prospects.” ENDS

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