Séamus Healy (Tipperary South, Workers and Unemployed Action Group) | Oireachtas source

I welcome the opportunity to speak in support of this motion. It goes to the heart of our economic and social situation. A golden circle of bankers, politicians and their supporters have been cosseted by this and the previous Government while middle and low income families are subjected to heartless cutbacks on a daily if not hourly basis. The Irish people have bailed out hopelessly insolvent banks to the tune of €64 billion. We have repaid the private debts of private banks. What thanks have we been given? Low and middle income earners have been played for fools by bankers with the help of this and the previous Government.

The retired CEO of AIB, Mr. Eugene Sheehy, has an annual pension worth €529,000. His counterpart from Bank of Ireland has an annual pension of €650,000. These obscene and outrageous figures are approximately 20 times the average industrial wage, yet the banks in question were bailed out by the public because they were hopelessly insolvent.

The previous Government had no difficulty with cutting the pay and pensions of public servants, including the low paid, via the Financial Emergency Measures in the Public Interest Acts. The Minister for Finance, Deputy Noonan, claims that he is powerless, but that is only because he wants to be powerless. If there was the political will to sort out this problem, a way would be found. There is a way, but political will is necessary. The problem could and should be solved by passing legislation to put the banking system into public ownership. However, the Government has decided not to do this. On the watch of a Government that includes the Labour Party, 35% of Bank of Ireland has been sold to an American venture capital company for just €1 billion.

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