New side advert

1 July 2010

Resize: A A A Print

Anglo Irish biggest loser of all banks in the world but taxpayers pick up the tab

ANGLO IRISH BANK, the newly-nationalised state bank, has incurred the greatest losses by any bank in the entire world.

Sinn Féin spokesperson on Finance Arthur Morgan says it is a sorry indictment of where Government priorities lie and that the biggest losers are the taxpayers. Deputy Morgan also reiterated his call for the financial sector to set up its own rescue fund instead of turning to taxpayers to bail them out.

Deputy Morgan said:

“Fianna Fáil have nationalised the losses of their banking and developer cronies and the revelation that Anglo has incurred the greatest losses by any bank in the entire world is a sorry indictment on where the Government’s priorities lie. Anglo Irish’s loss in 2009 of €15billion was far bigger than those of giant US, Japanese and German banks and the losses incurred by the Royal Bank of Scotland were a quarter of what Anglo lost last year.

“The biggest losers from this debacle are the taxpayers; the taxpayers whose money was spent to nationalise the piggy bank of the most corrupt people in Ireland, the people whose money was pumped into recapitalising this zombie bank and those people who will be subject to harsh budget cuts again this year.”

“The losses incurred by the bank are a slap in the face of the taxpayer who is not seeing any productive return on their investment that has selfishly been made by the Government on their behalf.”

ENDS

Follow us on Facebook

An Phoblacht on Twitter

An Phoblacht Magazine

AN PHOBLACHT MAGAZINE:

  • The first edition of this new magazine will feature a 10 page special on the life and legacy of our leader Martin McGuinness to mark the first anniversary of his untimely passing.
  • It will include a personal reminiscence by Gerry Adams and contributions from the McGuinness family.
  • There will also be an exclusive interview with our new Uachtarán Mary Lou McDonald.

Buy An Phoblacht magazine here

test

Uncomfortable Conversations 

uncomfortable Conversations book2

An initiative for dialogue 

for reconciliation 

— — — — — — —

Contributions from key figures in the churches, academia and wider civic society as well as senior republican figures


An Phoblacht
44 Parnell Sq.
Dublin 1
Ireland
 

Powered by Phoenix Media Group