Tuesday 12 December 2017

SF defends record on bank guarantee

Caoimhghin O Caolain: guarantee 'doesn't match up'
Caoimhghin O Caolain: guarantee 'doesn't match up'

Fionnan Sheahan Political Editor

SINN Fein yesterday stood over its decision to vote for the State bank guarantee in September 2008 -- but not any of its implications.

When the original vote on the guarantee was taken in the Dail, following the fateful night when the Government decided upon the measure to save the banking system, Sinn Fein surprised many with their approach by supporting the move to protect depositors.

Ever since they've tried to hide from the decision, while the Labour Party has associated them with backing the guarantee.

Sinn Fein is now talking about abolishing the bank guarantee, separating the sovereign debt from private bank and burning the bondholders.

The party's economic policies are widely regarded as completely unrealistic, based on a premise of rejecting the EU-IMF bailout, burning bondholders and returning to the international markets to borrow money, after enacting a high taxation budget.

Speaking yesterday at the launch of the party's election manifesto, Sinn Fein Dail leader Caoimhghin O Caolain said the guarantee didn't match up with what was required.

Irish Independent

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