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A clean break from business as usual

Issued : Tuesday 10 February, 2009

The Government is currently preparing to invest some €7 billion in recapitalising the country's two largest banks. It is vital that the scheme to be announced marks a new departure for Irish banking, in order to restore confidence and credibility at home and abroad.

Labour's Eight Principles

Labour proposes eight key principles for bank reform which must be incorporated in the recapitalisation programme if such a programme is to succeed. They are summarised in the title of this document 'A Clean Break from Business as Usual'. The eight principles outlined set out the basis on which Labour will judge any proposals from the Government.

1. Get credit flowing to business
2. Identify the scale of bad assets
3. Write-down impaired assets
4. Establish an Irish Banking Commission
5. Regime change in the banks & cap executive pay
6. Full investigation of Anglo Irish Bank
7. Place a moratorium on family home repossessions
8. Retain a presence for mutual (building) societies