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Blog Archive | Finance

Name the banking golden circle, demands Gilmore

Posted on February 17, 2009

This afternoon during Leaders' Questions, the Labour Leader Eamon Gilmore pressed the Taoiseach to name the banking golden circle that has emerged from within Anglo Irish Bank.

Deputy Gilmore said: "The Taoiseach said he knew about the Quinn situation in March and was resolved in July with the statement from the Quinn group.

"We now know the resolution involved an arrangement whereby Anglo Irish Bank provided €300m we are told to 10 wealthy individuals who in turn used that money to buy up shares in Anglo.

"We also know the loan arrangement which Anglo made with the individuals was in very favourable terms to the point that there wasn't security against the loan other than the shares themselves.

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A clean break from business as usual

Posted on February 10, 2009

A clean break from business as usual

As preparations are made by the Government to invest some €7billion into recapitalising the country's two largest banks, Labour believes it is vital that the proposed scheme marks a new departure for Irish banking; it is essential the Government gets this right.

Today we are setting out a series of proposals in our document, 'A Clean Break From Business As Usual', that would not only provide for recapitalisation of the banks but also deliver a programme of major reform of the banking system. The key proposals in the document include; get credit flowing to business, full investigation of Anglo Irish Bank, place a moratorium on family home repossessions and establish and Irish Banking Commission.

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Counting the cost of unemployment

Posted on February 04, 2009

With unemployed reaching 328k, the highest numbers on the Live Register ever, jobs are being lost at the rate of 1,500 a day. When social welfare payments and lost tax revenue are taken into account each and every job loss costs the exchequer €20,000 a year.

In the last 12 months to the end of January a €2.9b hole will be made in the public purse. This issue was the subject of Leaders' Questions this morning in the Dáil when the Labour Leader Eamon Gilmore, acknowledging the need to address public expenditure, told the Taoiseach, "we are looking at the wrong problem, we need to look at what is happening in terms of lost jobs".

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Taoiseach missed an opportunity

Posted on February 03, 2009

Today the Taoiseach announced the Government's long-awaited plan to deal with the economic situation facing the country. However instead an actual plan coming forward with an economic recovery plan the Taoiseach revealed what we already know; that public expenditure is to be cut by €2 billion this year.

Speaking following the Taoiseach's statement, the Labour Leader Eamon Gilmore called the Taoiseach's statement a disappointment adding that it had not contributed to solving the country's problems as it "added more to the uncertainty and climate of despair in many cases that people are beginning to feel, rather than what it needed to do, which was to give people a lift and a sense that the Taoiseach has a handle on the problem".

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Government is soft on corporate crime - says Gilmore

Posted on January 28, 2009

The ongoing issue of the banks crisis was discussed during Leaders' Questions this morning when the Labour Leader Eamon Gilmore questioned the Taoiseach about shady dealings in Anglo Irish Bank.

While Deputy Gilmore acknowledged that problems in banking and the economy are happening worldwide he added that 'we do see in other countries that wrongdoing is outed and illegality is punished'.

He reiterated the call made by Deputy Joan Burton, Labour's Spokesperson on Finance, that a High Court inspector should be appointed to investigate Anglo Irish Bank, a proposal which was voted down by the Government.

Deputy Gilmore then asked the Taoiseach:

What investigations are underway in respect of Anglo Irish Bank?

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Permanent link | Comments | Categories: FinanceJustice

While times are hard - there are solutions

Posted on January 08, 2009

Going into the New Year facing a huge change in public finances, the Labour Leader Eamon Gilmore talks about what we can do to lead the country out of the difficult times we find ourselves in.

Speaking in the video Eamon says: "While times are hard there are solutions and there are ways we can overcome this recession.

"This year sees Local and European elections and Labour will be fielding a team of candidates throughout the country asking people to support Labour's vision. We can make a better society in this country.

"If you would like to help, please get in touch."

You can either comment here in the post or you can use our contact page.

Permanent link | Comments | Categories: FinanceEamon Gilmore

Government is politically and economically dysfunctional says Gilmore

Posted on December 17, 2008

This morning saw the last Leaders' Questions in the Dáil for six weeks. Given the growing crises across the board during the spirited debate the Labour Leader Eamon Gilmore TD asked the Taoiseach Brian Cowen if he was serious about closing the House for that length of time.

Eamon also pressed Gilmore again on what exactly the terms of the banks deal are, on what cuts we can expect in our health system and what exactly is contained in the Government's economic recovery plan.

You can view Eamon's contribution in the video and later on the full exchange will be available on the Oireachtas website.

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As homes are repossessed what is the Government doing?

Posted on December 10, 2008

The last couple of months have shown that we are not living in ordinary times; this week alone saw 37 homes lost through repossession in the courts. It is clear that these times call for extraordinary measures.

During his key speech at our recent party conference the Labour Leader Eamon Gilmore spoke of actions that could and should be taken to ensure that people who are struggling in the current economic times do not lose their homes. Most people fear losing their job but this is surpassed by the thought of losing your home.

As the threat of repossession is hanging over some people the numbers of people on local authority waiting list climbs.

During Leaders' Questions today Eamon called this 'the biggest social ticking timebomb'.

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Government behaving like bewildered bystanders as country faces economic crisis

Posted on December 03, 2008

Today in the Dáil the Labour Leader Eamon Gilmore pressed the Taoiseach about what action he is going to turn the economy around and get people back to work.

Describing the Government as 'bewildered bystanders' Eamon told the Taoiseach that we are waiting for leadership from the Government.

"The problem we have in this country is that the people of this country know we are in a deep problem and we know from yesterday's figures is that it is even deeper and what people expect to see from Government is some leadership; you are behaving and have been behaving for the last months like bewildered bystanders instead of providing the kind of courage, conviction, imagination, innovation and leadership that the people of this country expect to see from Government.

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Small business experience worst month of trading for decades

Posted on November 18, 2008

Many small businesses have experienced the worst month of trading for 20 years and unless action is taken, the small business sector will implode and unemployment will soar, the Small Firms Association has said.

The issue was raised by the Labour Leader Eamon Gilmore TD this afternoon in the Dáil during Leaders' Questions.

"There is a credit famine in this country, businesses are being starved of credit," he said.

Eamon went on to explain how the European Investment Bank has established a €15 billion fund which has been accessed by banks in 22 of the 27 members States to specifically help the small business sector in those countries.

"Our fully guaranteed banks in this State haven't applied at all to the fund," Eamon continued.

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