Labour Party Cllr for Youghal, Tara O’Connell welcomes ‘Debt Deal’

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STATEMENT BY CLLR. Tara O’Connell
Labour Party Cllr for Youghal
Friday, 8th February 2013

Cllr Tara O'Connell

Cllr. Tara O’Connell

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

The Labour Party Cllr for Youghal, Tara O'Connell has welcomed the announcement by An Taoiseach, Enda Kenny TD, that a deal has been reached regarding the Anglo Irish and Irish Nationwide promissory notes. - “The sorry saga of Anglo Irish Bank and the promissory notes has finally been put to bed”

The Labour Party Cllr for Youghal, Tara O’Connell has welcomed the announcement that a deal has been reached regarding the Anglo Irish and Irish Nationwide promissory notes. – “The sorry saga of Anglo Irish Bank and the promissory notes has finally been put to bed”

 

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7 Comments

  1. And in the interests of balance and democracy, Yes, there will be short term deficit relief, but in general the 28 Billion Promissory note turns in to 62 Billion sovereign debt, 34 Billion of that is interest to be paid to Bondholders, and has more than doubled the cost of bailing out Anglo Irish bank.

    It’s fine to say that Fianna Fail caused all this mess, but it was FG/Lab that continued the on-slaught of austerity by breaking as many promises as FF, and, by not being more vociferous in their objections whilst in opposition, and all that just to get into power. . “The sins of the Fathers shall be visited upon the sons”…so don’t forget, your lovely 1yr old child today will be over 40 when the debt clears

    And that’s what your representatives, that you voted for, have done for you.

    • “The deal announced is a significant step forward on our path to recovery and will have a positive impact on the people of Ireland. The deal means an immediate reduction in borrowing of €20bn over the next ten years, as well as a reduction of the deficit by €1bn per annum.“It will 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.

      “There are those within the Opposition and the wider public who will continue to be negative about the successful deal negotiated by this Government, but the facts speak for themselves. The Irish public will no longer be saddled with the onerous Anglo Irish promissory note. This new deal will allow for a far more manageable payment schedule and will allow for inflation over the next 20 years. There is no doubt that the fantastic, opportunistic and IRRESPONSIBLE rhetoric of the opposition will rubbish this deal. Most of this is motivated by politics and NOT FACT!!! The Irish people know that no amount of fantasy economics can compete with real and concrete achievements.

  2. So, therefore if anyone has an alternate view to your party, it is being Negative! I guess the Labour Party were therefore being negative for Tens of years whilst in opposition.
    I think that considering the amount of debt burden imposed on the people of Ireland, they have every right to be “negative” about the current Government policies.

    I do not have any political affiliations to any party and speak as a citizen, therefore I am not towing a party line, kow-towing to an upper echelon, or copying and pasting quotes from someone else.

    • Will, you are most certainly entitled to your opinion. I just do not agree with it!! I agree with you that the Debt burden imposed on this Country is terrible, but that is the situation we are in.The promissory notes were sovereign debt – they were made the responsibility of the Irish people by the last government , it would be fantastic to simply not pay that back, the reality is that it must be paid back. This deal, IN MY PERSONAL opinion is a positive step forward in trying to resolve this issue, with the least amount of impact on the ordinary person as is possible. Why be negative about a positive step forward. I for one am very pleased that 1 billion less will have to be cut from our budgets each year! A bird in the hand is worth 2 in the bush.

        • Quoting other councillors’ words is typically rich rhetoric of the ‘now’ Labour party’. A “significant step in the road to recovery” would be to follow the footsteps off Greece – as opposed to bend over like a government of pretenders – and get a write-down of €110bn ‘of Irish/European death.

          The disgusting levels of ignorance this government displays are exemplified by the burden placed on each taxpayer and future generations.

          It has sent out the signal to the troika and the rest of the world that Ireland is doing fine, a “good news story” that undercuts the chances of a write-off of the rest of the bank bailout costs. It has etched in stone the absurdity that a tiny economy like ours can bear a staggering 43 per cent of the entire cost of the European bank bailout. (Every Irish citizen has stumped up €8,956. The average European citizen, by contrast, has had to fork out just €191.)

          So my question to you councillor O’ Connell is: “why do you think that each citizen of the Irish state should pay that staggering amount when it was poisonous bankers who are to blame?

          • “why do you think that each citizen of the Irish state should pay that staggering amount when it was poisonous bankers who are to blame?”

            For no other reason than the the Government of Ireland promised to do so. The Promissory Note contains the guaranteeing signature of the Irish Finance Minister, Brian Lenihan not Michael Noonan, and is a legally binding document which has now been converted to Government bonds. A re-negotiation was never an option for the ECB.

            While it may be morally reprehensible, the previous Fianna Fail/Green coalition Government signed the Irish people up for this debt, a debt which is now legally ours whether we like it or not. The fact that the bankers lied about the actual debt is also irrelevant. The deed has been done and we are left with the consequences.

            We can only hope that at some stage in the future circumstances may change and a write down may be on the cards. Otherwise we are stuck with the fall out of bankers lies and the naive incompetence of the previous Government.