1 July 2010
Anglo Irish biggest loser of all banks in the world but taxpayers pick up the tab
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.”