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Noonan article on banks is a “surrender letter" - Doherty

12 January, 2015 - by Pearse Doherty TD

Sinn Féin Finance Spokesperson Pearse Doherty has labelled Minister Michael Noonan’s article in today’s press on the future of Ireland’s banks as a “surrender letter”.

Deputy Doherty said:

“The article today from Minister Noonan is an attempt to turn a clear defeat into some sort of victory. In effect it is a surrender letter. In June 2012 we were told there had been a seismic shift and Ireland was in line for special treatment. Now that lie has been exposed. Ireland will get no break from the EU. On the issue of the Irish people being paid back through the ESM, the government has surrendered to the EU.

“Even the incredible spin today from Minister Noonan does not stand up. In a telling line, the Minister admits his plan is subject to “economic and trading conditions continu(ing) to improve over the next decade or so”. This is a very optimistic take but in any case the true cost to the Irish people of backing and AIB, Bank of Ireland and PTSB goes beyond the up-front cost. It is directly linked to the austerity budgets, to the cuts to our health service and to water charges.

“The government was always going to have the option of selling the banks to the market at the whim of the market. Like he has done on mortgage distress,  bankers’ pay and the Anglo/IBRC debt Minister Noonan has failed utterly to stand up for the Irish people and demand the people’s money back. He has surrendered to the EU once again. Ireland deserves a better champion.”

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