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

The previous Fianna Fáil-Green Party Government, and now the Fine Gael-Labour Party Government, would have us believe that the EU and IMF are good samaritans helping out a neighbour in trouble. Nothing could be further from the truth. The Irish taxpayer is being forced to bail out bankers, particularly German, French and British bankers, who have gambled recklessly and lost but who now seek an each-way bet on their losses. They have got such an each-way bet on their losses from both the previous and the present Government. They want the Irish taxpayer to pay for those losses, which is exactly the position of the previous Government and is what has been announced in recent days by the present Government. If this continues, we will be obliged to pay back to the EU-IMF a minimum of €5 billion this year and a minimum of €9 billion in 2014. This is a completely unsustainable position which, if it continues, will ensure that families, the country and the economy will be destroyed.

Although what Members have heard regarding this banking bailout is a continuation of the policies of the previous Government, it also constitutes the breaking of, and reneging on, election promises. Throughout the election campaign we were told that Fine Gael and the Labour Party would sort out the banks, that there would not be another cent for them and that it would be Labour's way or Frankfurt's way. However, as many of us predicted during the election campaign, the Labour Party in particular has performed a U-turn on the issue. The poor middle-income and low-income earners are to be made pay the senior bondholders and taxpayers' money is being used to recapitalise the banks. Huge amounts of Irish taxpayers' money are being poured into the black hole of the banks, which is an outrage that constitutes a betrayal of Labour Party voters and of working people in general.

I understand that a jobs budget or a mini-budget or both will be introduced soon and I call on the Labour Party to insist that the additional total of €24 billion to be provided to these banks be recovered from the super-rich in Irish society by way of an assets tax. The top 6% in Irish society, that is, the super-rich, have assets in excess of €250 billion and a 10% levy on those assets during this emergency would recover the €24 billion, with €1 billion to spare. Perhaps the latter might be put towards the restoration of the Christmas bonus that was taken from the poor in recent years. Is there any chance of the Labour Party hitting the rich, rather than the poor?

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