IRELAND NEEDS TO HAVE A BANKING INQUIRY IN NEAR FUTURE

Posted on June 25, 2013 4:50 PM   |   Permanent Link   

Dublin Bay North Labour TD and Oireachtas Justice Committee member Seán Kenny has said that a bank inquiry is needed in the near future.

"People around the country are absolutely furious at the Anglo tapes that are being played over the airwaves this week. The contemptuous and frankly abusive tone taken by the individuals on the tapes show just how toxic the banking industry was in Ireland in the run up to the blanket bank guarantee in 2008."

"People already knew of the pressing need for a banking inquiry, but The Anglo tapes show even more clearly the need for a public inquiry to report, enquire and record how the State ended up on the hook for the speculative debts from our banking system. The banking crisis has cost the State €64 billion, now a burden for the tax payer and one of the reasons why we are all penalised for what happened."

"I am glad that the Labour Party alone refused to vote in favour of the blanket bank guarantee because it means my party has nothing to hide and nothing to defend in the matter of how Ireland ended up saddled with so much toxic debt. Minister Brendan Howlin is bringing legislation through the Oireachtas which will enable an inqiury to be set up in order to get to the facts about what was going on inside our banking and our Fianna Fáil dominated political system in the years leading up to the blanket bank guarantee."

"This needs to be done as soon as possible. The country is furious. It's time the Irish people had the answers they deserve."