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Anglo Irish Promissory Note a national scandal – Doherty

7 November, 2011

Speaking today as he published the text of a Sinn Fein Private Members’ motion on the Anglo Irish Bank Promissory Note to be debated in the Dáil this week, Sinn Féin finance spokesperson Pearse Doherty said that “the Anglo Irish Promissory Note is a national scandal”.

Deputy Doherty said:

“The Anglo Irish Promissory note is a national scandal. It is one of the biggest scandals of the entire banking crisis.

“It will cost the taxpayer at least €74 billion by 2031 and according to some economists may cost more than €90 billion.

“That the Fianna Fail Green Party government signed the taxpayer up to this toxic private banking debt will surprise no one.

“That Fine Gael and Labour continue to support its payment is truly shocking.
“In order to highlight the issues involved Sinn Féin has tabled a Private Members Business motion to de debated in the Dáil this week.

“For the next ten years the Government is committing to give Anglo Irish Bank €3.1bn of taxpayers, with reducing annual payments for the following ten years amounting to a total of €47bn.

“As the Government will more than likely have to borrow this money there will be additional interest payments bringing the total cost to the taxpayer to over €74 bn.

“That the current Government intends to continue paying off this toxic banking debt is scandalous.”

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