Gilmore Asks Taoiseach 'Is The Money Gone?'

The Labour leader Eamon Gilmore has asked the Taoiseach to confirm if the bailout money given to the Anglo Irish Bank was "gone?".

Mr Gilmore was referring to comments by the Chief Executive of Anglo Irish Bank who told a Dáil committee last week that most of the €22 billion of taxpayers' money paid into the bank would not be seen again.

The Labour leader pressed the Taoiseach about the comments adding that he was interested in proposals costing €5.5 billion put forward by IBEC, ICTU and the Construction Industry Council aimed at getting the 140,000 construction workers who have lost their jobs back to work. Eamon added the €22 billion paid to Anglo would have funded those proposals for 4 years.

"€22 billion would build the metro and on top of that it would build the 400 schools that are on the Department of Education's list, it would build the hospitals and there would be money left over to do a lot more than that," Mr Gilmore said.

Addressing Brian Cowen in the Daíl, the Labour leader said: "Is the Chief Executive of Anglo Irish Bank right or wrong? Is it the case that the lion's share of the money will as he put it, never be seen again, is the money gone?"

Mr Cowen responded saying it was clear that in relation to where shareholders’ funds were not sufficient to meet losses and where the taxpayers have to come in to fill those losses that those losses are taken on by the taxpayer.

"It is clear in relation to that bank, that that is the situation. It is also clear that the choice was not €22 billion or zero, as you would have it believe . . . it is not as smart-alecky as that.

“This is too serious an issue. What it is about is making sure that we reduce the burden on the taxpayer to the greatest extent we possibly can.’’

(DW/GK)