Anglo Irish Promissory Note a national scandal – Crowe

Speaking on the day a Sinn Fein Private Members’ motion on the Anglo Irish Bank Promissory Note is to be debated in the Dáil,
Dublin South West Sinn Féin TD Seán Crowe said the Anglo Irish Promissory Note is nothing short of a national scandal.
Deputy Crowe said:

“The Anglo Irish Promissory note is a national scandal and one of the worst policy decisions to have come out of the banking crisis.
“By 2031, it will have cost Irish taxpayers at least €74 billion with some economists estimating the cost could rise to €90 billion. This is a shocking burden to place on our citizens and it will have serious implications for generations of people to come.

“It came as no surprise that the Fianna Fail Green Party Coalition Government signed the taxpayer up to this toxic private banking debt.

“That Fine Gael and Labour continue to support its payment is quite nothing short of scandalous.

“In order to highlight the issues involved in the continuation of this unjustifiable policy, Sinn Féin has today tabled a Private Members’ Business motion to be debated in the Dáil.

“For the next ten years the Government is committing to give Anglo Irish Bank €3.1bn of taxpayers, with reducing annual payments for the following ten years to a sum of €47bn. When additional interest payments are added the total cost to the taxpayer rises to over €74 bn.

“Paying this massive sum of money comes at a time when the government admits that even if it implements its plans in full, in three years from now it is estimated that we will still have 390,000 unemployed.

“How much more can working people take when the three pillars on which a just society is built: the health, education and social welfare systems, are being damaged permanently by cut after cut?

“Meanwhile, the government’s own growth estimates are yet again revised downwards. The plans are anti-jobs, anti-growth and are more of the same policies pursued by the failed Fianna Fáil-Green government. Where are the Labour Party’s promises to defend working people and protect frontline services now?”.

“Sinn Féin has repeatedly proposed that the government take a stand against the ECB/IMF and the unsecured bondholders. Economic growth needs jobs and investment in a comprehensive jobs strategy.”

“It is a national disgrace that this Government intends to continue paying off the toxic banking debt at a time when thousands of people are struggling with spiralling job losses, cuts to essential services, wage cuts and rising household costs.”