{"id":601,"date":"2013-02-11T10:23:00","date_gmt":"2013-02-11T10:23:00","guid":{"rendered":"http:\/\/seancrowe.ie\/home\/bank-winddown-but-not-the-debt-crowe\/"},"modified":"2013-02-11T10:23:00","modified_gmt":"2013-02-11T10:23:00","slug":"bank-winddown-but-not-the-debt-crowe","status":"publish","type":"post","link":"http:\/\/seancrowe.ie\/home\/bank-winddown-but-not-the-debt-crowe\/","title":{"rendered":"Bank Winddown But Not The Debt – Crowe"},"content":{"rendered":"

Bank\u00a0Winddown\u00a0 But Not The Debt – Crowe<\/span><\/span><\/strong><\/p>\n

Dublin South West TD, Se\u00e1n Crowe, has said that the Government\u2019s\u00a0 decision to winddown the Irish Bank Resolution Corporation (IBRC), the entity made up of the former Anglo Irish Bank and Irish Nationwide Building Society is to be welcomed but the burden of placing the banking debt on the Irish taxpayers\u00a0 and future generations is wrong.<\/p>\n

Crowe added\u00a0 “that any \u2018windfall\u2019 arising from the restructuring of the promissory note will now have to be used to pay down the state debt rather than be invested in jobs or any relief from planned austerity.”<\/p>\n

Deputy Se\u00e1n Crowe said:<\/p>\n

\u201cI welcome the fact that the IBRC will be wound down and liquated, but the Government, through this legislation, has now\u00a0 saddled\u00a0 Irish taxpayers,children and possibly their grandchildren\u00a0 with a huge debt.<\/p>\n

\u201cI believe like others that this private debt was never created by Irish taxpayers and the state should have never taken on the responsability for this private\u00a0 gamblers debt.<\/p>\n

\u201cThis Government following in the\u00a0 well worn footsteps of Fianna F\u00e1il and\u00a0 have basically traded the \u20ac28bn promissory note debt for a sovereign liability, which could cost the state up to \u20ac60bn.<\/p>\n

The government\u2019s \u201cmuch-hyped deal on the Anglo Irish promissory note doubles the cost to the taxpayer of now bailing out Anglo Irish Bank.<\/p>\n

\u201cWhen you cut through all the spin and hype, the so called deal on the Anglo Irish promissory note is another burden on the backs\u00a0 of irish taxpayers and future generations.<\/p>\n

\u201cRather than seek a write down in the debt the government has kicked the debt can further down the road.<\/p>\n

\u201cThis debt will now not only be paid by this generation of citizens but by their children and their children\u2019s children, for at least the next 40 years.<\/p>\n

\u201cWhile it may provide the state with some short term deficit relief it significantly increases the cost of bailing out Anglo Irish Bank.<\/p>\n

\u201cAcross the country understandably following hype ordinary people are asking themselves has the debt been reduced and will it mean less tax hikes and spending cuts next year and the years after that.<\/p>\n

\u201cThe answer to the first question is an unequivocal \u2018no\u2019.<\/p>\n

“The answer to the second question is not yet clear and will be determined following discussions with the Troika.<\/p>\n

“When my party\u00a0 Sinn F\u00e9in met the Troika\u00a0 they made it clear that any \u2018windfall\u2019 arising from the restructuring of the promissory note will have to\u00a0 be used to pay down the debt rather than be invested in jobs or relief from planned austerity.<\/p>\n

\u201cThis week the government had a historic opportunity to secure a real reduction in the cost of the toxic banking debt a legacy of the Fianna F\u00e1il \/Green Government.<\/p>\n

“Not only have Governemnt wasted that opportunity, they have increased the cost of that burden for generations to come.”<\/p>\n","protected":false},"excerpt":{"rendered":"

Bank\u00a0Winddown\u00a0 But Not The Debt – Crowe Dublin South West TD, Se\u00e1n Crowe, has said that the Government\u2019s\u00a0 decision to winddown the Irish Bank Resolution Corporation (IBRC), the entity made up of the former Anglo Irish Bank and Irish Nationwide Building Society is to be welcomed but the burden of placing the banking debt on […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-601","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"http:\/\/seancrowe.ie\/home\/wp-json\/wp\/v2\/posts\/601","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=601"}],"version-history":[{"count":0,"href":"http:\/\/seancrowe.ie\/home\/wp-json\/wp\/v2\/posts\/601\/revisions"}],"wp:attachment":[{"href":"http:\/\/seancrowe.ie\/home\/wp-json\/wp\/v2\/media?parent=601"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/seancrowe.ie\/home\/wp-json\/wp\/v2\/categories?post=601"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/seancrowe.ie\/home\/wp-json\/wp\/v2\/tags?post=601"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}