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Noonan has admitted defeat in recapitalisation battle – Pearse Doherty TD

3 September, 2014 - by Pearse Doherty TD

Sinn Féin Finance Spokesperson Pearse Doherty TD has said that today’s comments by Minister Michael Noonan that AIB may be sold on the open market marks an admission of defeat by the government in the battle to get retrospective recapitalisation of Ireland’s bailed out banks.

Deputy Doherty said:

“Nobody will be surprised that Minister Noonan is now admitting the obvious, that he has failed to take advantage of the EU’s commitment to look at retrospectively recapitalising Ireland’s banks. It is now over two years since Enda Kenny and Eamon Gilmore welcomed a “seismic shift” and a “game changer” when the Eurogroup in June 2012 committed to separate banking and sovereign debt.

This government has failed to convince any of our EU partners that Ireland deserved a retrospective recapitalisation. The government let the ball slip through their fingers and now it seems we have confirmation from Minister Noonan that retrospective recapitalisation is dead in the water.

A swift move to recapitalise while the iron was hot would have seen Ireland receive a massive boost when it needed it most. Instead over two years later we are seemingly content on cashing in what chips we have. Ireland’s debt remains incredibly high and moves to tinker with it cannot hide the fact that on the biggest single issue that could have lifted our debt burden Minister Noonan has failed completely much like he failed to lift the debt of the toxic Anglo-Irish bank.”

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