Labour U-Turn on Bank Guarantee

Labour U-Turn on Bank Guarantee

Sinn Féin Cllr Chris O’Leary has accused the Labour Party of executing a massive u-turn by voting in favour extending the bank guarantee.

Councillor O’Leary said:
“The Labour Party has executed a massive u-turn, abandoning its opposition to the bank guarantee and writing a further blank cheque for the banks.”
“Yesterday’s vote means the Irish taxpayer will be saddled with further unknown liabilities on top of the existing guarantee of €100 billion.”

“Given the risk to the taxpayer involved in the bank guarantee this must be the single biggest and most expensive political u-turn in Dáil history. Labour TDs trooped into the lobbies to give a further 12 months of life to what is universally regarded as the most costly and the most damaging decision ever taken by an Irish government. They did so at a time when uncertainty and volatility in the banking system is increasing and with it the level of risk to the taxpayer.”

“The scale of this U-turn is truly breath-taking, given the depth of opposition to the bank guarantee previously expressed by Labour party.”
“Unlike others, Sinn Féin will remain true to our principles and continue to oppose the bank guarantee.”

NOTE - Sinn Féin will be holding a petition signing tomorrow (Saturday) at 1pm in Daunt Square opposing the continued handover of money to bondholders.
For further information or comment contact Cllr Chris O’Leary @ 087-2794307