Monday 22 January 2018

Taoiseach Enda Kenny piles pressure on EU for more restructuring of our banking debts

Taoiseach Enda Kenny
Taoiseach Enda Kenny

By Shane Hickey

TAOISEACH Enda Kenny has put further pressure on the European Union for some of the debts which were sustained by taxpayers as a result of the banking crisis, to be restructured.

Speaking in London this morning, where he is on a whirlwind trip in advance of St Patrick’s Day, the Taoiseach said the EU needs to take responsibility for decisions made following the crash in 2008.

He also said Irish banks need to “reskill” so that they can lend prudently and cut down on costs to return to private ownership.

“The principle that there can be no shared European taxpayer responsibility for banks without shared control and supervision is reasonable,” Mr Kenny told an audience in the City of London.

“But the corollary must also be true; where the policy for dealing with bank failures was determined at European – and not national – level, so too must the burden of the legacy costs of those policies.”

Mr Kenny is making a series of addresses throughout the day before meeting with British prime minister David Cameron at No 10 Downing street this evening.

He said he supported Britain’s continued membership of the EU.

“We see the British relationship with the EU as being a two way relationship - Britain benefits from its membership of the EU, and the EU is better off with Britain as a leading member making a valued contribution,” he said.

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