Why did Sinn Fein fall in line with the conservative consensus that the Bank Guarantee Scheme, as put forward by the Govt, was such a good idea.
It seems very much at odds with their world view which in general would side with the punter rather than with massive financial institutions.
I agree. SF repeatedly bang on about their Left credentials but when push comes to shove they line up meekly with Fine Gael and Fianna Failure.
It’s a very complex situation. I would have preferred a system where by those banks who were going to crumble, deserved it and were not central to the economy were allowed to fall.
This would have been important as it would have been a clear message that the irresponsible actions had consequences.
If a bank was going to fall which was central to the economy or did not deserve to fall then the government could step in and give equity support.
The government has in effect given a competitive advantage to Irish banks which will do no harm to the Irish economy in the short term.
However the price of this could easily amount to up to €15 billion of your money and my money.
SF have tabled motions in an effort to seek payment for the support and tight regulations.
The survival of the banks is about more than the fat cats. Its about every business and job in the country.
Maybe because they've robbed quite a few of the said banks!
Sorry, couldn't resist......
It's all part of the campaign to persuade the electorate in the Republic that 'New Sinn Fein' is different, that they are financially responsible and won't threaten the centre-right economic consensus. The lesson of last year's election has been learnt. Give it twenty years and you won't be able to tell them apart from Fianna Fail. Assimilation by the political establishment is inevitable.
The Labour Party also tabled amendments to the bill requiring control over executive renumeration, further protections for the Irish taxpayer and homeowner and better oversight and supervision of the bank's trading practices. When these amendments were not accepted by the government we voted against the bill. We were not prepared to sign a blank-cheque for the crooks and spivs in that developer-banker-FF/FG nexus.
Sinn Féin, however, appear to have no problem trooping into the division lobbies meekly behind these people.
Maybe they have a lot of money on deposit. Or they know someone who has.
Sinn Fein and their supporters has always been prepared to take the advantages offered by banks being well stocked with cash.
Last edited by gulliblepleb; 2nd October 2008 at 03:33 PM.
Here you go!
"Speaking this morning during the Dáil debate on the Seanad Amendments to
the State intervention in the Credit Institutions crisis Bill, Sinn Féin
Dáil leader Caoimhghín Ó Caoláin TD said his party will be demanding
proper payback for Irish Taxpayers including a bank levy which should be
proportionate to the level of risk involved for each of these banks.
Deputy Ó Caoláin said, “This has been a very important and difficult
debate because the crisis we faced this week was as a direct result of
the reckless behaviour of leading players in the banking sector and the
failure of the government over many years to put in place adequate
regulations to protect ordinary in-debtors. It was not helped by the
government refusal to set out the detail of the terms and conditions of
the deal with the banks or the true level of indebtedness.
“We did not take our decision to support this bill lightly. We have
concerns and reservations. We supported the final passage of the bill
because we believe this legislation is about more than the banks – it's
about offering security to ordinary citizens, to investors and to Irish
businesses which in turn means jobs.
“In the days and weeks ahead we will be demanding in the debate on the
terms and conditions that there be a proper payback for Irish taxpayers.
This means at a minimum a new bank levy which should be proportionate to
the level of risk involved for each of these banks. Furthermore a
proportion of the money raised by this levy should be diverted to MABS
to help those who are currently suffering the negative effects of bad
banking practices.
“The fact of the matter remains that there are people waking up this
morning who are before the courts trying to stop their homes being
repossessed. The next debate that the Dáil needs to have should be
about helping those who have lost their jobs, people who are mortgaged
to the hilt, people who are at risk of losing their homes. That’s the
next package that the government needs to come forward with.
“Those who took reckless decisions cannot be rewarded for bad practices.
Finance Minister Brian Lenihan last night said that it would not be
appropriate for the government to intervene in commercial decisions
regarding the wages and bonuses received by leading bank officials. I
think it is not only appropriate, it is ethically correct and the
Government should act accordingly.
“Most importantly of all, there needs to be a strict regulatory regime
introduced to monitor bank practice during the next two years and
further regulation beyond the time commitment of this Bill.
”There is still time for the government to take on board the concerns
raised during the debate and to do this prior to the introduction of any
new regulations. I would call on the government to bring together
Finance spokespersons to get a consensus on the terms and conditions
that should apply.”"
Red-365,
Maybe because they do side with the punter rather than instinctively with the big bankers.
Look at their amendments which were clearly pro-Sean and Sinead citizen.
Why did Labour support the bill or do you now instinctively associate Labour with the conservative, big business, elements of the state and thus no need to even question their support.
Last edited by Duth Ealla; 2nd October 2008 at 02:53 PM.
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