Seanad debates
Thursday, 22 September 2011
Order of Business
10:30 am
David Cullinane (Sinn Fein)
A couple of days ago, I asked for a debate on the potential selling-off of a minority stake in the ESB. I reiterate that call and also ask for a discussion in the Chamber about the potential sell-off of State assets and properties. The Government is planning to sell of billions of euro of profitable State companies and State assets. It is interesting that something similar is happening in Greece because the IMF and the European Central Bank are forcing Greece - just as they are forcing Ireland - to sell off some of its family jewels. A Greek telecommunications company was bought by a German bank. The financial vultures, including German banks, who helped create the mess in Greece in the first place, are the very vultures coming in to feed off the carcass of valuable State companies. I would hate to see this happening in Ireland.
The Government found itself in the situation whereby the previous Government had put in place mechanisms which forced us to bail out the banks and very large amounts of taxpayers' money was used to pay back the bondholders and private banking debts. It is ironic that private banking debt is being nationalised and we are having to pay back people like those German banks and bondholders while, at the same time, privatising valuable State-owned companies. Those same people who took a punt, a gamble, and are being paid back in full are now being given the opportunity to buy valuable State companies like the ESB. There is something inherently immoral about this situation. It shows the mess we are in and it also shows that when it comes to it-----
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