Toxic Bank Leaves Toxic Residue
“A toxic residue of ten years of reckless financial mismanagement” was how Michael Finnegan, President of the Workers Party described the latest Central Bank figures in relation to Anglo Irish Bank.

“Anglo Irish Bank was a toxic bank” declared Michael Finnegan. “Its short-lived success was built on all that was rotten in Irish society; gombeenism, land speculation; the incestuousness of the Irish corporate structure. Two years ago it was going down the toilet into oblivion until completely inexplicably Fianna Fail and the Greens decided to rescue it. Even on the figures available then this was an appalling decision. On the figures available now it is a decision that is almost beyond words.”


“The confirmed figure to bailout Anglo of  €29.3 billion is equal to the tax take of this country for an entire year. The worst case scenario cost according to the Central Bank of €34 billion is the amount stated by the Credit Rating Agencies three weeks ago that were dismissed by Cowen, Lenihan and their cohorts. Were they even then trying to fool the Irish people or were they genuinely ignorant of the hole they had dug for two generations of Irish people?”


“Government borrowing this year as a percentage of GDP will be 32%. Without the bank bailout that percentage would be a mere 12%. This is a crime against the citizens of this state. And to compound the crime is the fact that the entire burden is being placed on ordinary working people, those on Social Welfare and their families. Not one effort has been made to spread the burden. Not one effort has been made to pursue those with real wealth who make no contribution to this state.”


“We will not be fobbed off with arrant nonsense from the government, or IBEC, or the CIF. There are 100,000 families in trouble with their utility bills yet we can see the property pages bulging with “bargain” homes for €7 million. Let us get real here. For years the banks have robbed their customers through excessive interest and hidden charges. They had found every possible loophole to avoid paying tax. And over the last two years they have just taken a total of fifty thousand million Euro out of our pockets. If there was a semblance of real democracy in this state the government would resign forthwith and a large coterie of bankers and their advisors would take up residence in a well known building on the banks of the Royal Canal”.



Issued: 30th September 2010

Peace, Work, Democracy, and Class Politics