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Ulster Bank job losses a devastating blow – Tóibín

12 January, 2012

Speaking today regarding the announcement of job losses at Ulster Bank, Peadar Tóibín Sinn Féin, spokesperson on Jobs, Enterprise and Innovation, said;

“Bank industry insiders believe that this is the first of potentially thousands of job losses in the banking industry. The government must tell us what engagement it has had with the workers in Ulster Bank, what plan is in place to retrain workers and to attract other Financial Services industries to Ireland and what use will the government make of the European Globalisation Fund.

“After nearly a year in office redundancies, unemployment and emigration have become the constant theme of this Fine Gael and Labour administration. The desperate news of significant job losses in Ulster Bank underlines the failure of government policy.

“Under this government emigration, the number unemployed and the length of time unemployed have all increased. The bailout which was meant to stabilise the economy and the banking industry and to get credit flowing to the local economy has clearly failed.

“Pretending that creating jobs is the priority of the government while at the same time actively reducing the numbers employed in the economy by 15,000 in the December budget is a cynical exercise.

“The government’s record speaks for itself. VAT increases, cuts in capital spending, no action on upward only rents, no action on energy cost, no investment in board band and other essential infrastructure, the shredding of public sector jobs. The government has even failed to bring forward legislation demanded by its own senators to hold companies to account for redundancy pay.

“All the while the government continues to hand billions of tax payers’ euros to bondholders and prop up property developers. The government cannot wash its hands of responsibility for unemployment and redundancies. It is time that the government accepted that its policies are not working and it is our people who are paying the cost.

“Another way is possible. We don’t have to send into exile another generation of Irish people. We need to desist from handing over of our nation’s wealth to bondholders and instead use this money as a stimulus in a similar fashion to what has been done in the US.

“These are jobs that will be lost across the island of Ireland showing the need of economic cooperation and job creation on a national level.” ENDS

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