Fine Gael’s Criticism of Banking Policy Lacks Credibility - O’Brien

Date: 16/11/2010
Posted by: Darragh

Michael Noonan’s criticism of the Government’s efforts to fix then banks is a bit rich given the contradictory approach of his own party according to Fianna Fáil Dublin North TD Darragh O'Brien.

"Fine Gael said we should default on certain bonds or loans. This would mean walking away from the bank debts which would have a very negative effect on Ireland’s reputation and would hugely increase the cost of borrowing to the State."

"Fine Gael also proposed a National Recovery Bank but quietly shelved this proposal when it became clear that it is incapable of giving access to credit which the economy needs to recover."

"Unlike that of Fine Gael, the Government’s policy has been endorsed at every step by the EU, the European Commission and the European Central Bank. That is because the Government have a credible and practical strategy on banking. But, of course, Michael Noonan knows better," concluded Deputy O'Brien.