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category national | anti-capitalism | press release author Tuesday September 30, 2008 19:23author by Eugene Mc Cartan - Communist Party of Irelandauthor email cpoi at eircom dot netauthor phone 087 9733414 Report this post to the editors

COMMUNIST DEMAND:

It is now time for a state bank to be established.

That the state should have fifty percent of places on the boards
of all the bank and financial institutions who may avail of this
massive public bail out.

All current banking CEOs should be removed from office without severance pay

COMMUNIST PARTY OF IRELAND

James Connolly House, 43 East Essex St, Temple Bar, Dublin 2:

30th September 08.

Press Statement

COMMUNIST DEMAND:

It is now time for a state bank to be established.

That the state should have fifty percent of places on the boards
of all the bank and financial institutions who may avail of this
massive public bail out.

All current banking CEOs should be removed from office without severance pay

The government’s panic action in guaranteeing the borrowings of the Irish banks is designed to save the banking interests from themselves, with a cavalier disregard for the interests of the Irish people. While the government is preparing to slash and burn public services, money can be found to bail out the bankers to the potential tune of €400 billion on top of a national debt of €45 billion.

For pumping up property prices, enriching property speculators and themselves at the expense of those who are struggling to pay mortgages, and possibly losing their homes, there is no punishment.

The bankers and property speculators who frequented the tent at Galway Races clearly made a good investment when they gave money to Fianna Fáil.

The economic experts who are now panicking are the ones who assured us for years that there was no problem, that the Celtic Tiger was healthy and that the banking system was sound.

The “experts” are not experts after all. The economic gurus in the Department of Finance and leading spokespersons for investment and banking houses have for decades been telling working people how things have to be done.

“There is no alternative” they loudly proclaimed to working people, always asserting that Irish banks were financially sound.

That there where no problems with their lending strategies.

That they where well capitalised to meet any troubled waters.

That high bonuses to top bankers and financial speculators were justified

That big dividend payments to shareholders were a must.

Now when things go belly up the government moves to shore them up to protect the shareholders and the big speculators while ignoring the plight of the growing mass of unemployed, and people struggling to pay their mortgages.

We have a Central Bank whose primary role appears to support the banks and not the public interest and a toothless Financial Regulator who is funded by the banks themselves. A regulator who never expressed concern or challenged any decision made by bankers since its establishment.

This is a blank cheque for greed and failed investment decisions bank speculators.

Why should Irish taxpayers bail out property speculators, and incompetent bankers?

Not one leading banker has lost his or her job.
No cuts in the exorbitant salaries for bankers.
No new regulations put in place.
No government seats on the boards of any of these institutions.

Place the terms and conditions of oversight in the hands of an already failed "watchdog", the Irish Central Bank, under whose watch these bad practices flourished.

The State has a responsibility to enact a more stable control of capital and establish sustainable investment priorities. The action of this government is to put another couple of storey's onto the house of cards.
STATEMENT ENDS

Eugene Mc Cartan

6708707 or 087 9733414

Related Link: http://www.communistpartyofireland.ie
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