Tuesday, July 03, 2012

Doherty welcomes major breakthrough on bank debt

If we took SF’s approach we couldn’t have secured deal

Fine Gael Meath East TD, Regina Doherty, has today (Monday) welcomed the major breathrough through on bank debt secured at last week’s EU Summit in Brussels. Deputy Doherty added that we couldn’t have gotten to this point if we followed Sinn Féin’s approach to Europe.

“The deal reached by the Taoiseach and other EU leaders in the early hours of the morning on Friday is a major step forward for Ireland. It means will we be able to break the link between bank debt and the public finances; something the Taoiseach has been advocating for some time. 

“The Irish taxpayer was saddled with the huge cost of bailing out the banks in the deal agreed by the previous government. Now, thanks to the new agreement, banks will be directly recapitalised by the ESM, Europe’s new bailout fund. It is envisaged that this will be applied to Ireland retrospectively, which represents a huge shift in Ireland’s favour. 

“Sinn Féin was quick out of the traps after the deal was announced, describing it as a ‘bitter disappointment’. This is an incredibly transparent and cynical approach. Sinn Féin made these comments without seeing any of the details, which are still to be worked out. This work will begin in just a week’s time, when the Finance Ministers meet on July 9th. 

“The reality is that the Government has made a huge breakthrough, which will greatly enhance Ireland’s chance of exiting our current bailout, getting back into the money markets, and regaining control of our own affairs. And there is little doubt that we could not have got to this point if we followed Sinn Féin’s approach to Europe and the economy. 

“Sinn Féin wanted us to reject the Stability Treaty, which would have cut us off from the ESM, the very fund that is now going to be used to bail out the banks. Sinn Féin’s approach to Europe is purely based on self-promotion. Through a concerted campaign of co-operation, negotiation and engagement, this Government has delivered a better deal for the Irish people, as promised under the Programme for Government.

“There is still a lot of work to do, but we have made a major step in the right direction. A focus on growth coupled with a fairer deal on our bank debt will help Ireland to get back on the road to recovery.”

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