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Government policy is strangling the economy – Adams

8 November, 2011

Sinn Féin President Gerry Adams TD tonight warned that the government’s determination to pay off unguaranteed bondholders and to honour the Promissory Notes to Anglo Irish and Irish Nationwide is “strangling the economy and will impede recovery for years to come.”

Speaking during Private Members Business in the Dáil the Sinn Féin leader said;
“The paying of the €31 billion in Promissory Notes to Anglo Irish Bank and Irish Nationwide is reckless in the extreme. These banks no longer exist but have been merged to form the Irish Bank Resolution Corporation.

“Figures provided to my colleague Pearse Doherty from the Minister for Finance show that the cost of the promissory notes will ultimately be €74.63 billion by the time they are paid off in 2031”.

Teachta Adams called on the government to wake up to the economic madness of its policies and to “state categorically that they will not pay out these promissory notes.
“Last week we saw the government allow the Irish Bank Resolution Corporation to hand-over more than €700 million of taxpayers’ money to unsecured, unguaranteed bondholders. There are plans to pay another bond worth €1.25 billion in January.

“That means that within three months the government will have paid to unguaranteed bondholders the equivalent amount of money it plans to strip away from public services in December’s budget; from the elderly and sick; from children with Special Needs and from low and middle income families.

“The paying of these bondholders is economic madness. It is bad government policy. It has to be stopped.”

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