Dublin South West Sinn F\u00e9in TD, Se\u00e1n Crowe, has described his party\u2019s historic position of wanting to impose losses on senior bondholders following the banking collapse as the correct and legitimate approach, which has been borne out by evidence given to the Oireachtas Banking Inquiry.<\/p>\n
Deputy Se\u00e1n Crowe said:<\/p>\n
\u201cBack in March 2011 the National Treasury Management Agency (NTMA) told the Government that \u20ac9 billion of Irish taxpayer\u2019s money would be saved by imposing financial losses on senior debt holders at Irish banks.<\/p>\n
\u201cInexplicably the Government in its wisdom, or in what many would describe as arrogance, ignored this important advice and decided to heap this private debt onto the shoulders of Irish taxpayers.<\/p>\n
\u201cWritten evidence to the banking inquiry shows that the NTMA advised the Government that this should be done but for some bizarre reason the advice was ignored.<\/p>\n
\u201cThe burn the bond holder\u2019s position taken by the NTMA, mirrors what Sinn F\u00e9in, and a handful of others, were arguing for during that crucial time.<\/p>\n
\u201cWe believed that those who created the crisis, including those who created the debt, should shoulder the burden of that financial loss.<\/p>\n
\u201cGovernment spokespersons smiled and peddled their lies on TV, radio and in the print media saying that it couldn\u2019t be done, that it would destroy Irelands reputation, rubbishing the proposal, and calling us \u2018economic illiterates\u2019.<\/p>\n
\u201cIt\u2019s clear now who the economic illiterates were.<\/p>\n
\u201cThe Government and their elite advisors decided that the debt of a few wealthy individuals should be transferred and paid by the income of hard press Irish taxpayers.<\/p>\n
\u201cThe banking Inquiry may not have the delivered much in terms of agreement\u00a0but at least some people will now realise that there were choices, and that the Government put the interests of the banks and speculators before the interests of ordinary tax paying workers.\u201d<\/p><\/blockquote>\n
ENDS<\/p>\n","protected":false},"excerpt":{"rendered":"
Dublin South West Sinn F\u00e9in TD, Se\u00e1n Crowe, has described his party\u2019s historic position of wanting to impose losses on senior bondholders following the banking collapse as the correct and legitimate approach, which has been borne out by evidence given to the Oireachtas Banking Inquiry. Deputy Se\u00e1n Crowe said: \u201cBack in March 2011 the National […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[184,155,89,160],"tags":[],"class_list":["post-2484","post","type-post","status-publish","format-standard","hentry","category-banks","category-debt","category-finance","category-inequality"],"_links":{"self":[{"href":"http:\/\/seancrowe.ie\/home\/wp-json\/wp\/v2\/posts\/2484","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/seancrowe.ie\/home\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/seancrowe.ie\/home\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/seancrowe.ie\/home\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/seancrowe.ie\/home\/wp-json\/wp\/v2\/comments?post=2484"}],"version-history":[{"count":2,"href":"http:\/\/seancrowe.ie\/home\/wp-json\/wp\/v2\/posts\/2484\/revisions"}],"predecessor-version":[{"id":2486,"href":"http:\/\/seancrowe.ie\/home\/wp-json\/wp\/v2\/posts\/2484\/revisions\/2486"}],"wp:attachment":[{"href":"http:\/\/seancrowe.ie\/home\/wp-json\/wp\/v2\/media?parent=2484"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/seancrowe.ie\/home\/wp-json\/wp\/v2\/categories?post=2484"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/seancrowe.ie\/home\/wp-json\/wp\/v2\/tags?post=2484"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}