STATEMENT BY CLLR. Tara O’Connell
Labour Party Cllr for Youghal
Friday, 8th February 2013
LABOUR’S WORK PAYS OFF AS IRELAND PAYS LESS WITH DEBT DEAL
The Labour Party Cllr for Youghal, Cllr Tara O’Connell, has welcomed the deal made on Ireland’s debt, which was secured yesterday. The deal sees an end to the promissory notes and reduces our debt burden.
“Labour has been working hard since we came into Government to undo the disastrous promissory notes deal that the previous Fianna Fáil led Government entered the Irish State into. That deal was a short term overdraft with a huge interest rate. The deal made this week however, gets rid of the promissory notes altogether, meaning a cash flow benefit of €20 billion over the next 20 years and a reduced deficit of €1 billion per annum. The remains of Anglo Irish Bank and Irish Nationwide have also been liquidated.
“Labour promised that we would help right the wrong done to Irish taxpayers in 2008 when we were foisted with the debt of the odious Anglo-Irish Bank, even though Labour alone opposed the bank guarantee. This deal will now ease the burden on our taxpayers, increase the confidence of investors, assist in getting rid of the Troika in 2013, and help us to generate jobs and return to growth.
“While we all know that the damage done by the previous government cannot be undone in one day, this debt deal is a very significant step, putting Ireland in a fairer and more sustainable financial position, accelerating our path back to economic recovery.
“In 18 months Labour has led the Irish State from a position of crisis and uncertainty onto the road to recovery, and I would like to commend the Tánaiste and all his colleagues on their efforts in getting this deal for Ireland.”
For more information contact Cllr Tara O’Connell at 0858877423