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Bank bailout misery not understood by ECB – Senator Paul Gavan

9 November, 2018 - by Paul Gavan

Sinn Féin Senator Paul Gavan has said that the bank bailout and its consequences are being felt by people and that the ECB hasn’t learned any lessons from the misery inflicted on the Irish people.

The Limerick senator said:

“I questioned ECB head Mario Draghi on the role the ECB has played in recent decisions made by Irish banks that have resulted in Irish bank customers paying some of the highest interest rates in the EU and burdened by spiralling property and rent prices.

“I questioned Mr. Draghi on behalf of the thousands of mortgage holders who have had their loans sold on to vulture funds against their will. These people have been put from pillar to post.

"The banks say they have no choice and are forced to do so by the Central Bank of Ireland. Yesterday Mario Draghi refused to categorically state that the ECB actually tells the Irish banks to do this.

“Yesterday‘s engagement with Mr. Draghi was an exercise in pass the parcel. Mr Draghi was more than happy to take credit for what he sees as a recovery in the Irish economy. As soon as I raised questions about the hundreds of thousands of people affected by homelessness and the health crisis he pointed to the limitations of the mandate of the ECB.

“I also pointed out that it was the Irish people who paid such a huge financial price to bail out the banks but many communities have either no branch in their town or cannot access cash services in their branch. On issues like this the Government and the ECB have no opinion.

“The ECB’s position is that the bank bailout should never happen again. Yesterday’s engagement with them shows that the bank bailout imposed by Fianna Fáil continues to impact people’s lives. The ECB seems unwilling to act on behalf of the Irish people and the Government are happy that this uncertainty continues.”

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