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ESM Bill shows Noonan has delivered nothing on recapitalisation – Pearse Doherty TD

1 October, 2014 - by Pearse Doherty TD

Sinn Féin Finance Spokesperson Pears Doherty TD has said the ESM Bill before the Dáil is proof that Minister Michael Noonan has delivered nothing in the issue of retroactive recapitalisation.

Deputy Doherty said:

“Twenty seven months after the Taoiseach and Tánaiste announced they had achieved a seismic shift and a game changer it is clear that nothing has been delivered.

“Now over two years later and it’s all gone quiet. There is no more talk of seismic shifts or game changers or the ESM stepping in and lifting the banking debt off the shoulders off the Irish people.

“TDs are being asked to back a Bill that leaves the issue of retroactive recapitalisation up to the Eurozone Finance Ministers some of whom have already said retroactive recapitalisation is not going to happen.  Even if they were favourable, there is no detail of how the process would work or the benefits to the states.

“Sinn Féin will support any application for retroactive recapitalisation but this government looks defeated. I am not convinced that they have put up any fight. Our debt to GDP ratio remains dangerously high and Minister Noonan cannot answer simple questions about how a retroactive recapitalisation would work.

 “I will be bringing an amendment to the Finance Committee next week tying the Minister’s hands’ ability to pass this Bill without first reporting to the Oireachtas on how a retroactive recapitalisation would work and committing the government to make an application. This Bill should be used to strengthen Ireland’s hand in getting the people’s money back.”

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