Mixed views on bank deal

Laois’ national politicans had mixed views on the Government’s recent bank deal, which could ultimately save the taxpayer up to €2bn a year and help drag the country out of recession.

Laois’ national politicans had mixed views on the Government’s recent bank deal, which could ultimately save the taxpayer up to €2bn a year and help drag the country out of recession.

Charlie Flanagan, Fine Gael TD said the last minute bank deal had delivered a significant boost to Ireland’s economic future.

“Thanks to the savings delivered as part of the deal, the budgetary adjustment needed for next year will be €1 billion less. Furthermore, we will have to borrow €20 billion less on the international markets over the next decade as a result of this deal. This will have a major impact on our long term economic sustainability and our prospects for growth and job creation.”

Sinn Féin TD, Brian Stanley, who is a member of the Dáil Finance Committee, stated that the Promissory Note deal was not a cause for celebration as it burdens this and future generations with the massive debts of failed banks.

“Anglo may be gone but the debt remains and has increased. The interest has now to be paid every year for the next 40 years and the full capital amount of €30 billion remains the same,” he said.

Labour Senator John Whelan: said the Seanad sat until 6am passing legislation that was the first necessary step to allow the deal to go ahead.

He said the Promissory Notes were a mill stone around the neck of the country. While he acknowledged that it was not a time for celebration, he said hopefully iy was a new beginnging for Irish society.

“The wretched Promissory Notes were a mill stone around the neck of the people of this country. Now that they are gone, this represents a significant movement in the direction of our national recovery.

“This is not a time for celebration as significant challenges remain but this is a good start, and can hopefully be seen as a chance of a new beginning for Irish society.”

He was critical of Sinn Fein, who he described as “the party of perpetual protest and placards and always at odds with anyting positive, progressive and proactive.”