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Noonan must put retrospective recapitalisation on Eurogroup agenda: Doherty

4 March, 2013 - by Pearse Doherty TD

Sinn Féin finance spokesperson, Pearse Doherty TD, has said Michael Noonan must put retrospective recapitalisation of the Irish banks on the Eurogroup’s agenda.
“Today’s Eurogroup is set to look at the use of the ESM to recapitalise banks. Minister Noonan must make sure that the need to retrospectively recapitalise Irish banks is on the agenda.
“Nine months have passed since the Eurogroup committed to separating banking sovereign debt. Little progress has been made though with deadlines passing by since then. It is far from clear that any move to recapitalise Irish banks retrospectively is being discussed.
“Minister Noonan must step up his game and use the Irish presidency to make progress on this critical issue.
“Every day that passes without a retrospective recapitalisation is another day when the Irish people are carrying the burden for Europe’s failed banking policies.
“The government told us that Ireland would be treated equally but yet this issue seems not to be high on the government’s or EU’s agenda. If the ESM is to be used to recapitalise banks then Ireland must insist that this applies to legacy debts.
“Last June’s commitment should be honoured in full and it is Minister Noonan’s job to make sure that it is.”

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