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Anglo guarantee is tantatmount to economic treason, Gilmore

Posted on March 31, 2010 at 09:34 PM

This morning in Leaders' Questions the Labour Leader Eamon Gilmore voiced the concerns of the nation when he said how people were in shock and bewildered by the huge size of the figures and amount of money to be paid for the bail-out of Anglo Irish Bank.

Eamon went on to say how the Government, with the State guarantee for Anglo Irish Bank, has provided a blank cheque for the bank and yesterday we finally heard details of how that blank cheque would be filled in.

"I can understand the case for a State guarantee for high street banks and building societies byt I have never been able to understand what is the case for the State guaranttee and the nature of that guarantee provided to Anglo Irish Bank, which, after all, was a piggy bank for property speculators," Eamon said.

He went on to demand that the Taoiseach release all the paper and advice available to the Government when it made its decision to provide Anglo Irish Bank with the State Guarantee in September 2008 because he said he believed the decision was made not in the best economic interest of the nation.

"I believe the decision was made to save the skins of a number of individuals, some of whom were connected to Fianna Fail and whose property interests and prosperity were bound up with the fortunes of the Anglo Irish Bank. I believe that is why the decision was made and I have heard nothing to the contrary since then.

"That is why I am asking the Taoiseach to publish all the advice he had available to him on that occasion. If my belief is correct, and I have not been convinced to the contrary that decision was an act of economic treason for which this country is now paying very dearly."

Eamon's full contribution can be viewed on the accompanying video and you can read the full debate on the Oireachtas website. You can also see Labour Deputy Leader and Spokesperson on Finance, Deputy Joan Burton's contributions to the debate on You Tube, its in two parts, the first is here and second is here.

If you are on Twitter you can follow Labour here and Deputy Joan Burton here.

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