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Invest in our foundering economy and don't pay the bondholders: Stanley

8 November, 2011 - by Brian Stanley TD



Speaking tonight (Tuesday) in the Dáil Sinn Féin environment spokesperson, Brian Stanley TD, called on the government to, "withdraw the Anglo Irish Bank promissory note and to invest the €30.6bn in our foundering economy."
Deputy Stanley demanded that the Taoiseach “stand up for Ireland and to enter into negotiations with the European Central Bank and have the damning promissory note withdrawn. This money should not be going overseas to faceless bondholders.
“Every year for 20 years we will pay a massive €3.6bn to these bondholders. There is no legal, moral or financial obligation to do so, yet while billions of euros take flight our economy continues to founder. But Fine Gael and Labour have pledged to continue the policies of their predecessors. The government would have us sink in a sea of debt in order to pay off these bondholders."
Deputy Stanley said: "Sinn Fein is committed to the alternative. Sinn Féin sees very clearly that this money should be invested in growing our green economy. This money that is taking flight to the bondholders could be invested in energy infrastructure that set a new world standard.
“A few simple examples Ceann Comhairle: we have the potential to develop wind energy along our east coast and creation of 50,000 jobs over the next 15 years, retrofitting the entire 1.4m housing stock in this state to highest standard. “This would immediately create savings to the householder of over €1,000 every year and assist Ireland in reaching its 20% energy efficiency target by 2020. This will create a further 50,000 jobs. We would have the ability to develop water harvesting at a cost of €5,000 per home and reduce our water consumption by a third. Sinn Féin would invest the money in completing the regeneration projects that were abandoned. Our allegiance is with those residents waiting for regeneration in Limerick’s Southill, Dublin’s St Michael's Estate, Dominick Street, St Theresa’s Gardens and Charlemont St and not with the faceless bondholders."
In conclusion, Deputy Stanley urged the government “to commit itself to rebuilding, not the wealth of bondholder, but to rebuilding our economy and the communities we represent.”
ends

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