Wednesday, December 1, 2010

Bondholders at Anglo Should Not Get a Cent

Bondholders at Anglo Should Not Get a Cent

Speaking after yesterday's occupation of Anglo-Irish Bank, Sinn Féin councillor Jonathan O'Brien said bondholders at the institution should not get a cent when the cost of bailing them out is cutbacks to social welfare and public services.

Cllr O'Brien said:

"Yesterday members of the campaign group Cork Social Welfare Defenders occupied Anglo Irish Bank to protest against the government's policy of imposing cutbacks on those receiving social welfare while spending billions bailing out the banks."

"Along with a number of other public representatives, I took part in the protest and occupation."

"While the Governor of the Central Bank has announced the nameplate at Anglo will be changed within weeks, the reality is the government intends to pay €32 billion or more of taxpayers' money to bondholders at the bank as it winds down over the coming years."

"The people who are being asked to foot the bill are the most vulnerable in society - the unemployed, the elderly, the sick - many of whom took part in yesterday's march."

"The bondholders who invested in Anglo Irish Bank took a gamble on the Irish property market and lost. They should take their hit. There is no reason why the Irish taxpayer should bail them out, especially at the cost of least well off in our society. It is not enough to change the nameplates - the bondholders should be burned and not another cent of our money paid to Anglo-Irish Bank."

For further information or comment contact Cllr Jonathan O'Brien

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