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Adams challenges Taoiseach on retroactive bank recapitalisation

5 November, 2014 - by Gerry Adams

 Sinn Fein Leader Gerry Adams has challenged the Taoiseach, Enda Kenny on the issue of retroactivee bank recapitalisation.

 Speaking in the Dáil today, Mr Adams said:

 “Astonishingly, it seems the Government wants the Irish people to forget about the prospect of retroactive recapitalisation of Ireland’s banking debt.

 “Last month your Government voted down a Sinn Féin amendment to the European Stability Mechanism Bill, which would have compelled Minister Noonan to apply for retroactive recapitalisation.

 “We were told by the Taoiseach and Tánaiste two years ago that we had achieved a great victory on retroactive recapitalisation, a so-called ‘game changer’. Now the government doesn’t want to discuss it.  

 “Another European Council meeting has come and gone and again the conclusions don’t mention any moves towards retroactive recapitalisation for Ireland. Taoiseach, did you even raise retroactive recapitalisation during the economic issues section of the European Council meeting?

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

 “When Sinn Féin pressed the Government on applying for retroactive recapitalisation we were told time after time that we had to wait until the system was in place. It is now in place since yesterday but Minister Noonan will not commit to even applying.

 “The fact that that this Government voted down our amendment last month, which simply compelled him to apply for retroactive recapitalisation, adds to our concerns and fears that Irish citizens 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.”

 The Sinn Féin Leader challenged the Taoiseach to confirm that the Government will apply for retroactive recapitalisation and to inform the Dáil about its plans to do so.

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