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Adams attacks Promissory Note Scam

28 March, 2012 - by Gerry Adams

During Leaders Questions in the Dáil this morning the Sinn Féin President and Louth TD Gerry Adams challenged the government on its plans to pay the €3.1 billion promissory note due on Saturday.

Speaking this afternoon Teachta Adams accused the government of engaging in “spin over a so-called deal on the promissory note in which Anglo Irish will buy a sovereign Irish bond.”

Teachta Adams said:

“Any agreement which fails to secure a write down of this toxic bank debt is a failure.

“The Promissory Note commits the government to paying Anglo Irish (IBRC) €31 billion over the next ten years and billions more in interest in the following years.

“This is a banking debt derived from incompetent as well as corrupt banking practices within Anglo-Irish Bank and the failure of previous governments to impose robust and transparent banking oversight.

“This is not the state’s debt or the people’s debt. The Promissory Note was a bad decision taken by the last government and now being implemented by this one.

“Despite the government’s effort to present such a deal as a breakthrough the facts are clear:

• The government intends paying the full €31 billion Promissory note
• It intends paying the €3.1 billion this week.
• The sleight of hand manoeuvre using a government bond will not change the government’s austerity plans. The cuts announced in the last budget will proceed as will those due in coming years.
• The toxic banking debt will now become sovereign debt.

“This scheme is about extending the payment of this debt further up the road.

“Citizens will still carry the burden of a banking debt which is not theirs.

“The flaw in the government’s approach is evident in the Taoiseach’s refusal to seek a debt write down and in Fine Gael and Labour’s willingness to tear up their mandate and election promises not to reward the greed of big bankers.” ENDS

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