Banking strategy comes under attack

Tuesday 05 April 2011 22.11
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Shane Ross - 'Senior bondholders cannot believe their luck'
Shane Ross - 'Senior bondholders cannot believe their luck'
Richard Boyd Barrett - Accused Tánaiste of political and economic treason
Richard Boyd Barrett - Accused Tánaiste of political and economic treason

The Government's strategy on banking is not a continuation of the policy of the previous government, Taoiseach Enda Kenny has insisted.

Mr Kenny said the Government had decided to reduce the number of dysfunctional banks and create two pillar banks, bringing clarity and certainty to the banking sector.

He was responding to Independent Deputy Shane Ross who told the Taoiseach that he should be worried that his greatest cheerleaders on his banking policy are on the Fianna Fáil benches.

Deputy Ross asked why senior bondholders were being treated in the same way as ordinary depositors.

Mr Ross said the senior bondholders could not believe their luck that the present Government was carrying on the policies of the last.

He also accused the Taoiseach of giving AIB and Bank of Ireland the opportunity to reclaim their territorial strength to 'crucify the consumer'.

Enda Kenny said this would not happen, as the Government was addressing issues of governance in the banking sector.

Sinn Féin leader Gerry Adams accused Fine Gael of doing a U-turn on the EU-IMF deal.

He said it was absolutely ridiculous that the Government was now demonstrating absolute commitment to the deal when it was doing the opposite of what it promised during the election campaign.

Gilmore accused of 'treason'

Tánaiste Eamon Gilmore has been accused of political and economic treason for putting so much taxpayers' money into the bailout of the banks.

The charge came from the People Before Profit TD, Richard Boyd Barrett, who said that before the election Mr Gilmore had accused the then government of treason over that same bailout.

Mr Boyd Barrett said that if it was treason for the last government, it was even more of a treason now, as even more money was being put into the banks.