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Carthy critiques Bank Structural Reform Vote in Brussels

27 May, 2015 - by Matt Carthy MEP

Speaking this week after the EU Parliament's Economic & Monetary Affairs Committee voted against a report which the Conservative Groups hoped would block any real financial reform, Sinn Féin MEP for the Midlands North West Constituency Matt Carthy stated that citizens require strict rules on Big Banks, not weak compromise proposals on Structural Reforms.  

Carthy, who is a member of ECON, welcomed the decision of the committee. He said:

“While I recognise that the Commission's proposal contained some positive aspects it lacked any real conviction or strength.

“My mandate on the Economic and Monetary Affairs Committee is to put the interests of the ordinary citizens first and foremost rather than to protect vested financial interests.

“Just as establishment parties in Ireland continue to fail the Irish citizens as they beg for favour from the so called powerful and financial elites their bedfellows in the European Parliament have failed to find the courage within themselves to regulate the banks with any conviction.

“Sinn Féin in Europe is committed to securing a new economic infrastructure where social and public investment is prioritised.  The reforms proposed by the Commission to deal with the banking structural reform do not provide any fundamental change to the failed financial framework in which the “too big to fail” banks operate.

“In 2008 the Global Economy and especially Ireland became all too familiar with the concept of “too big to fail”. Eight years on it turns out that the same banks are “too big to nail”.

“Unless and until a well-designed and effective structural reform is legislated for, there will be every reason for the world's largest institutions to carry on with the arrogance and impunity that is and has been the hallmark of the Global Financial System.

Carthy concluded:

“Sinn Féin will continue both in Europe and in Ireland to demand a well-designed and effective structural reform. This is the only way to ensure the effectiveness of any proposed supervision mechanisms, to safeguard financial stability, and most importantly to refocus banks on their core activity of lending to the real economy".

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