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Government must be upfront about failure to secure bank recapitalisation deal – Matt Carthy MEP

17 June, 2014 - by Matt Carthy MEP

Sinn Féin MEP Matt Carthy has stated that the government must be upfront and truthful with the Irish people on its failure to secure a deal on the retrospective recapitalisation of banks through the European Stability Mechanism.
Carthy was responding to the news that a senior Eurozone official has reportedly said that it is “extremely unlikely” that the state will receive support for such a deal.
Carthy said:

“I find this news disappointing but I am not surprised. We said at the time the government were overselling what had been achieved.

“Nevertheless, there was an opportunity, an open goal even, to push home our arguments for recapitalisation. It seems that opportunity is gone, wasted by a government too focused on meeting austerity targets.

“A better government would have secured a deal. This government has failed the people and more austerity will follow.

“Recently the Minister has refused to answer basic, technical questions from Sinn Féin about how the retrospective function of the ESM could even work. It is clear now how the recapitalisation instrument is supposed to work in general but no progress has been made on the details of any possible retrospective recapitalisation. Clearly there was no political will to develop the idea.

“The government must stop with wishful thinking. Two years after the “seismic shift” and “game changer” the Irish people want to know what are the chances of getting back the money they paid for a banking collapse.

"In the first instance the government must be up front and tell the people the truth. Secondly the government must work with newly elected MEP's to ensure that a clear message and strategy is being brought to every European forum from the Irish people; one that articulates the demand that we require the full recapitalisation of our banks in order to achieve recovery.”

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