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Sinn Féin will Reject National Surplus Bill - Jonathan O'Brien TD

29 January, 2019 - by Jonathan O'Brien TD


Sinn Féin Finance Spokesperson Pearse Doherty and Junior Finance spokesperson Jonathan O’Brien have called on the Government to drop the National Surplus Bill that will see as much as €8 billion of taxpayers’ money transferred to the banks.

Speaking before the introduction of the legislation this evening, Cork North-Central TD Jonathan O'Brien said:

“Tonight the government will bring its National Surplus Bill before the Dáil. The Bill will allow for the establishment of the much advertised ‘Rainy Day Fund’.

“It was sold to the public by Fine Gael and Fianna Fáil as an insurance policy to help the Irish economy should a downturn or economic trouble come in the future.

“What is clear is that this is far from the case.

“A recent Freedom of Information Request, together with the details of the bill itself, confirmed our concerns that this fund will not be used to protect jobs and public services in the event of a future downturn.

"Nor will it be used to soften the impact of Brexit or meet the coming challenges of climate change.

“The fund will most probably be used to recapitalize the banks should they make the same mistakes of the past.

“Sinn Féin will not tolerate any attempt to use up to €8 billion of taxpayers’ money to bail out the banks. 

“As much as €2 billion will be transferred to the fund this year alone, will half a billion euros of taxpayers’ money transferred annually until 2023.

“Today we have released a position paper articulating our rejection of this proposal.

“Instead of writing a blank cheque to the banks with taxpayers’ money, the government should be working to solve the cost of living crisis and failure of our housing system.

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