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“McGuinness won’t challenge status quo in these extraordinary times” - MacManus

2 October, 2020 - by Chris MacManus MEP

“McGuinness won’t challenge status quo in these extraordinary times” - MacManus

Sinn Féin MEP Chris MacManus has said the likely appointment of Fine Gael MEP Mairead McGuinness as Commissioner for Financial Services will not curtail the activities of profit-driven banks, vulture funds and Big Insurance companies. “The status quo will be maintained which is a bad blow to many Irish families and businesses who need the most help in these extraordinary times” said MacManus

Speaking after questioning Commissioner-designate Mairead McGuinness at an EU hearing ahead of her official appointment MacManus said: “Unfortunately Ms McGuinness has failed to convince me that she understands the need to make sure workers, families and small businesses don’t shoulder the cost of the Covid recession while banks and vulture funds are effectively bailed out and family homes and businesses are at their mercy. She is wedded to the status quo when what is needed is new thinking.”

The Midlands Northwest MEP said his concerns had increased following his questioning. “She has indicated she is going to stand over and champion directives like the Commission’s package on non-performing loans, which will encourage sales of mortgages to vulture funds. With the inevitable rise in mortgage defaults due to the Covid crisis this is unthinkable.”

“She is also fully supportive of the Capital Markets Union which will champion securitisation and increase financial instability.”

“She will not be a Commissioner that will fight for the rights of workers. Unfortunately, she has given every indication that she fully intends to carry on with the financialisation of the economy.”

MacManus concluded by saying: “I have witnessed nothing today that encourages me that in her role as Commissioner for Financial Services, that Ms. McGuinness will assist the many who are in financial distress during this crisis. Regardless, Ireland is entitled to a Commissioner whether it is her or not. This continual refrain that an Irish Commissioner automatically champions Ireland is nonsense. We only need to look at the last Commissioner, Phil Hogan, to ask whether he had Ireland’s interests at heart when you look at how he championed the Mercosur trade deal. It is my opinion that Ms. McGuinness offers zero change as a new Commissioner by leaving workers, families and small businesses at the mercy of banks and vulture funds. It would seem she won’t challenge the status quo when that is what we need in these extraordinary times.” ENDS

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