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Murky, opaque government is throwing the people to the wolves – Tóibín

29 May, 2015


Sinn Féin Deputy Spokesperson for Finance Peadar Tóibín TD has stated that Fine Gael and Labour continue to allow the state's financial interests to be administered in a murky opaque manner, that this is a recipe for disaster, and if we have learned anything over the last few years is lack of transparency costs citizens money.  

Teachta Tóibín said:

“The trend of this recession has been consistent; while the hard working people of Ireland have struggled against crippling austerity, the wealthy few have grown and consolidated that wealth and have made a mockery of the struggles of others.  There is now a definite pattern where billions of euro of the people’s assets, be they at NAMA, IBRC or state owned banks, are being sold behind closed doors and out of sight of any accountability or democratic oversight.

“This week at committee stage of the Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015, Michael Noonan and Labour TDs voted against my amendment to bring all Vulture Funds within the remit of the Code of Conduct of Mortgage Arrears and under the protection of the Financial Services Ombudsman.

“This sector of the financial industry is extremely shadowy and it is impossible to penetrate through these companies to find out who the beneficial owners actually are. Yet the government is content to simply regulate the middleman. We are set for years more of semi or unregulated financial companies running rings around the Central Bank and the government. 

“There will be no transparency for the tens of thousands mortgage holders who woke up one morning to find their mortgages were now owned by vulture funds. We now have the shocking situation where democratically elected TDs and media outlets are being gagged in direct contravention of the constitution because what they say does not sit well with the wealthy and powerful. 

“This week, I found out that the governments KPMG review into the sale of Siteserv by IBRC will not have the power to identify the names of shareholders who traded during the spike in presale trades.  Fine Gael and Labour are happy to allow vested interests operate outside the view of the public. This harms citizens and their confidence that the government is protecting its citizens and not throwing them to the wolves.” 

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