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Anglo Irish Promissory Note will cost every man, woman and child €16,157 – Doherty

8 November, 2011

Speaking during a private members’ motion debate on the Anglo Irish Promissory Note, Sinn Féin finance spokesperson Pearse Doherty said that the cost to the taxpayer arising from the promissory note would be €74 billion

Deputy Doherty said:

“The Anglo Irish Promissory Note will cost the taxpayer a total of €74 billion. To put this in some perspective €74 billion means that every single man woman and child in this State will pay €16,157 to Anglo Irish Bank to cover this promissory note.

“This is €24 billion more than the cost of running the State for a full year. It would fund the entire health system for 9 and a half years.

“How anyone in government can stand over this I just don’t understand.

“The simple fact of the matter is that we cannot afford this bill. The promissory note itself amounted to 20% of our national debt in 2010. The annual transfers to Anglo weigh heavily on our annual deficit.

“The bottom line is that the state cannot afford this massive debt.

“Not only is it morally wrong to ask the taxpayer to shoulder this toxic private banking debt, but it is socially and economically irresponsible.

“The government must, as a matter of urgency, declare its inability to pay this private banking debt. It must do so on the basis that to try and pay will cripple the economy and further block any meaningful social and economic recovery.

“Having done this, the government must then engage as a matter of urgency with the European Central Bank and its European Council counterparts to negotiate the lifting of this burden from the taxpayer.”

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