Caoimhghín Ó Caoláin (Cavan-Monaghan, Sinn Fein)

Sinn Féin supported in principle the proposal to address the then emerging crisis in the financial institutions in September. We took the opportunity to engage with the Minister for Finance outlining our concerns and how we believed the banking guarantee proposals should be put into practice. The Government, when it returned with the details of the Minister's proposals, failed far short of the minimum requirement in our view and we were forced to oppose the details of the guarantee scheme. We are mindful of and recognise the importance of fiscal stability in the economy. This is not, however, the correct working out of what was initially flagged. Not only do I object to the time constraints imposed by the Order of Business but I oppose the proposition for Anglo Irish Bank. This bank does not deserve to be nationalised. I strongly reject the Government's proposals.

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