Adams attacks Promissory Note Scam
During Leaders Questions in the Dáil this morning the Sinn Féin President and Louth TD Gerry Adams challenged the government on its plans to pay the €3.1 billion promissory note due on Saturday.
Speaking this afternoon Teachta Adams accused the government of engaging in “spin over a so-called deal on the promissory note in which Anglo Irish will buy a sovereign Irish bond.”
Teachta Adams said:
“Any agreement which fails to secure a write down of this toxic bank debt is a failure.
“The Promissory Note commits the government to paying Anglo Irish (IBRC) €31 billion over the next ten years and billions more in interest in the following years.
“This is a banking debt derived from incompetent as well as corrupt banking practices within Anglo-Irish Bank and the failure of previous governments to impose robust and transparent banking oversight.
“This is not the state’s debt or the people’s debt. The Promissory Note was a bad decision taken by the last government and now being implemented by this one.
“Despite the government’s effort to present such a deal as a breakthrough the facts are clear:
• The government intends paying the full €31 billion Promissory note
• It intends paying the €3.1 billion this week.
• The sleight of hand manoeuvre using a government bond will not change the government’s austerity plans. The cuts announced in the last budget will proceed as will those due in coming years.
• The toxic banking debt will now become sovereign debt.
“This scheme is about extending the payment of this debt further up the road.
“Citizens will still carry the burden of a banking debt which is not theirs.
“The flaw in the government’s approach is evident in the Taoiseach’s refusal to seek a debt write down and in Fine Gael and Labour’s willingness to tear up their mandate and election promises not to reward the greed of big bankers.” ENDS