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15/01/2009
FG Oppose Recapitalisation Of Anglo Irish Bank
Fine Gael has said it will oppose the planned €1.5bn recapitalisation of the Anglo Irish Bank.
Following a special front bench meeting to discuss the economy by the party yesterday, the main opposition party have said the Anglo Irish Bank should be wound up.
Fine Gael Leader Enda Kenny said: "I am opposed to the Government's decision to give Anglo Irish Bank €1.5 billion as part of its plan to recapitalise the Irish banking system and to commit to 'make further capital available if required'.
"This Government is writing a blank cheque to a bank that has forfeited the trust of the markets, the regulatory system and the wider public."
On Monday UCD economist, Morgan Kelly said the Government guarantee to the Irish branches of the Anglo and Nationwide banks was "extraordinarily unwise", predicting the guarantees provided could be "called in the over the next 21 months".
Fine Gael have instead proposed maintaining protection for depositors and other creditors by fully nationalising the bank,
appointing new management and board to recover losses, or consider using the bank to purchase distressed developer loans. Fine Gael has also called for a pay freeze in the public sector, including increments and bonuses, until the end of 2010.
It says pay cuts should only apply to those earning over €100,000 a year.
(DW/BMcC)
Following a special front bench meeting to discuss the economy by the party yesterday, the main opposition party have said the Anglo Irish Bank should be wound up.
Fine Gael Leader Enda Kenny said: "I am opposed to the Government's decision to give Anglo Irish Bank €1.5 billion as part of its plan to recapitalise the Irish banking system and to commit to 'make further capital available if required'.
"This Government is writing a blank cheque to a bank that has forfeited the trust of the markets, the regulatory system and the wider public."
On Monday UCD economist, Morgan Kelly said the Government guarantee to the Irish branches of the Anglo and Nationwide banks was "extraordinarily unwise", predicting the guarantees provided could be "called in the over the next 21 months".
Fine Gael have instead proposed maintaining protection for depositors and other creditors by fully nationalising the bank,
appointing new management and board to recover losses, or consider using the bank to purchase distressed developer loans. Fine Gael has also called for a pay freeze in the public sector, including increments and bonuses, until the end of 2010.
It says pay cuts should only apply to those earning over €100,000 a year.
(DW/BMcC)
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