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Investment in our Future

Posted on March 25, 2010 at 02:19 PM

Investment in our Future - Deputy Eamon Gilmore and Deputy Willie Penrose at the launch of 'Investing in our Future'
Deputy Eamon Gilmore and Deputy Willie Penrose at the launch of 'Investing in our Future'

Today we launched our proposals, 'Investment in our Future' for the establishment of a Strategic Investment bank that will play a key role in the recovery and transformation of the Irish economy.

Present at the launch were the Labour Leader Eamon Gilmore TD, our Finance spokesperson Joan Burton TD and our spokesperson on Enterprise, Trade and Employment Willie Penrose TD.

"The Irish economy must be weaned off its dependence on poverty and consumer credit and be re-invented as an export-led, sustainable investment economy," Eamon said at the launch. "To achieve that goal, we need investment finance, which will not be provided by a banking system that is hobbled by the legacy of greed and excess."

Deputy Joan Burton reminded the press conference how over the last two years Labour has consistently called for investment in job creation to be put to the top of the agenda. "But our Government can't see past bailing out Anglo Irish Bank and Irish Nationwide."

She explained how 'Investment in our Future' proposes the launch of a Strategic Investment bank to address two critical market failures that were apparent even at the height of the boom.

"We propose an initial up-front investment of €2bn from the National Pension Fund, into a new vehicle which will raise funds to channel into Ireland's SME sector and into financing vital infrastructure. Rather than pumping this money into a failed banking system, we propose that it be ring-fenced for productive, job-creating investment."

Deputy Willie Penrose spoke of how he hoped the Government will recongise the value of our plan and "commit to the early establishment of a Strategic Investment Bank and ensure that we get the maximum number of people back to work at the earliest date possible".

You can download 'Investment in our Future' (a PDF) from our policy centre and we'd love to hear what you think, do let us know in the comments section below.

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