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11/06/2010
'Over-reliance' On Property Slammed
The continuing Irish economic crisis is a result of the Government's "over-reliance" on the property market.
Sinn Féin Finance Spokesperson, Arthur Morgan made the claim after the announcement by the Tánaiste, Mary Coughlan that the Dáil will schedule a motion of confidence in the Taoiseach Brain Cowen.
"The banking crisis was unashamedly a by-product of the subservience of successive Fianna Fail led governments to the interests of developers, bankers and speculators and an over-reliance on artificial economic growth that transpired from an over-reliance on the property market," said Deputy Morgan.
"The two reports published yesterday chronicled the brazen responsibility of Fianna Fáil and especially our current Taoiseach in the banking crisis, yet the Government have the brass neck to stand before the House next week to vote confidence in Mr Cowen.
"The Government and the Fianna Fáil backbenchers are going to vote confidence in the same man who extended property based tax reliefs, who told us that the economy was strong, that the public finances had never been in better shape and that the fundamentals of the economy were good."
He continued: "He told us all this as the unstable foundations of the property market were crumbling, as the corporate governance of banks was running amok and as the financial regulator presided over a banking sector that was on the verge of collapse.
"The people of this State have no confidence in Brian Cowen. They have no confidence in the Government.
"They have no confidence in the myriad of policies that have been brought in to fix our banking system and our economy," he said.
See: Reports Reveal Irish Bank 'Follies'
(NS/BMcC)
Sinn Féin Finance Spokesperson, Arthur Morgan made the claim after the announcement by the Tánaiste, Mary Coughlan that the Dáil will schedule a motion of confidence in the Taoiseach Brain Cowen.
"The banking crisis was unashamedly a by-product of the subservience of successive Fianna Fail led governments to the interests of developers, bankers and speculators and an over-reliance on artificial economic growth that transpired from an over-reliance on the property market," said Deputy Morgan.
"The two reports published yesterday chronicled the brazen responsibility of Fianna Fáil and especially our current Taoiseach in the banking crisis, yet the Government have the brass neck to stand before the House next week to vote confidence in Mr Cowen.
"The Government and the Fianna Fáil backbenchers are going to vote confidence in the same man who extended property based tax reliefs, who told us that the economy was strong, that the public finances had never been in better shape and that the fundamentals of the economy were good."
He continued: "He told us all this as the unstable foundations of the property market were crumbling, as the corporate governance of banks was running amok and as the financial regulator presided over a banking sector that was on the verge of collapse.
"The people of this State have no confidence in Brian Cowen. They have no confidence in the Government.
"They have no confidence in the myriad of policies that have been brought in to fix our banking system and our economy," he said.
See: Reports Reveal Irish Bank 'Follies'
(NS/BMcC)
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