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Government votes against applying for retroactive recapitalisation - Doherty

16 October, 2014 - by Pearse Doherty TD


Sinn Féin Finance Spokesperson Pearse Doherty TD has said the government wants the Irish people to forget about the prospect of retroactive recapitalisation of Ireland’s banking debt.

Deputy Doherty was speaking after the government voted down a Sinn Féin amendment which would have compelled Minister Noonan to apply for retroactive recapitalisation.

He said:

“It is clear the government want the Irish people to forget about the EU commitment to separate banking and sovereign debt. We were told by the Taoiseach and Tánaiste two years ago that we had achieved a great victory. Now the government doesn’t want to discuss it.  

“The reality is that the banking debt has cost every man, woman and child in Ireland €14,000. It is the primary reason why families’ incomes have been slashed, public services decimated and thousands of people forced to emigrate.

“For two years I have been asking Minister Noonan when he will apply for Ireland’s banking debt to be recapitalised. I was told time after time we had to wait until the system was in place. It is now in place but he will not commit to even applying. The fact that he voted down this amendment today which simply compelled him to apply for retroactive recapitalisation adds to our concerns and fears that the Irish people will not see a cent of that banking debt recouped.

 “Fianna Fáil also voted against the amendment. They must explain why they did so given that they had previously indicated that they would support it.”

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