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Fundamental failures in Banking Inquiry Report - Pearse Doherty TD

27 January, 2016 - by Pearse Doherty TD


Sinn Féin Finance spokesperson Pearse Doherty has said there are fundamental failures in the final report of the banking inquiry.

Speaking after the report was published this afternoon Deputy Doherty said the delay in establishing the inquiry and the rush to get it over the line so Enda Kenny could call a Spring election has left us with a dysfunctional document.

He went on to say that it is obvious that the lessons from the Fianna Fáil era of boom and bust politics has not been learned as Fine Gael is now planning to eradicate the tax base by €22billion in order to buy votes in this election.

Deputy Doherty said;

“We are conscious that people are still suffering as a direct result of the causes of the bank crisis and the policy responses. People wanted those at the helm to be held accountable for their actions. We attempted to do that at the public hearing.

“The final report, however, rationalises the key player’s position and presents their position as the defining narrative of the crisis. This is a major failing of the banking inquiry. 

“While the banking report touches upon of the relationship between bankers, developers and politicians, what it fails to do is examine those relationships. That was the whole purpose of the ‘nexus phase’ - to critically analyse those links. This is another fundamental failure of the report.

“It fails to consider in any real way the operation of NAMA, whether it was appropriate or not, the liquidation of IBRC and the issue of burden-sharing outside of the ECB’s response. 

“We are all aware that there were challenges at the latter end in trying to get this report finished, but the fact remains that the government must accept some responsibility for that situation.

“The pressures to get this report across the line so that Enda Kenny could call a Spring election coupled with the delay in establishing the inquiry has left us with a dysfunctional document.

“Will some of the lessons be learnt? Looking at this government the answer is no. The Fianna Fáil government reduced sustainable taxes and put their hopes on property-related income.

“This is exactly what Fine Gael is doing with its plan to abolish €22bn of our sustainable tax base. 

“There’s no doubt that this will not be the final chapter in this story. People will continue to dig into this. The fact that 98 percent of the material we received will not be published is not acceptable.

“The key point here is whether any lessons will be learnt. Clearly we can see that this will not be the case. This government has applauded this report. And why won’t it?

“The boom/bust approach of Fianna Fáil, of cutting taxes to win votes, is now the economic policy of Fine Gael and Labour. Nothing has been learnt from the past.”

ENDS

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