RABBITTE PAT NEWS SPRING A3 2424_a3 15/02/2013 09:57 Page 1
LABOUR NEWS Eamonn Maloney TD & Pat Rabbitte TD Spring 2013
ANGLO-IRISH R.I.P. Anglo-Irish bank is no more. The bank that almost brought down the country is dead and buried. The hated promissory notes have been torn up. The Government will not pay out 3.1 billion euro in March, nor in any March in the future. The Government deal of February 7th is a milestone in Ireland's economic history. Now the State will have to borrow 20 billion euro less over the next decade. The deal means one billion off the deficit every year. The repayment of capital will commence in 2038 and finish in 2053. By then inflation and economic growth will have dramatically reduced the burden. The promissory notes were pledged by the last Fianna Fáil-led Government and would have meant paying out 3.1 billion euro of taxpayers' money every March for 10 years and a lesser amount thereafter. Taken together with the monies invested in the so-called pillar banks, it amounted to a crippling burden on the taxpayer and a straitjacket on the new Labour-Fine Gael Government. The Government has now broken free and has a better
"I am surprised that we got as much as we did out if it" Cliff Taylor, Editor, Sunday Business Post
than even chance of winning back our sovereignty. The deal will ease the budgetary pressure and will enhance both confidence and the country's reputation. All in all, there is now a better prospect for growth, jobs and economic recovery.
"An albatross has been lifted from the shoulders of Irish taxpayers.” Pat Rabbitte
"The deal is a huge boost but only a beginning" Pat Rabbitte, Minister for Communications, Energy and Natural Resources, told us. “We must now tackle the second half of the legacy bank debt where we will need further relief. I hope that in 2014 we will come back with another deal" he said.
BUILDING SOCIETY BUST Down with Anglo-Irish Bank goes Irish Nationwide Building Society the collapse of which cost the taxpayer €5.4 billion. This amount would have built 10 childrens’ hospitals. “How a small building society could have been allowed to run up liabilities of €5.4 billion is one of the worst scandals of the boom,” Deputy Eamonn Maloney said.
PAT RABBITTE TURNS SOD FOR TALLAGHT SCHOOL Holy Rosary N.S. at Ballycragh is to get a new school, Phase 1 of which comprises 24 classrooms, a library, school liason room and resource room, which will be finished this year. “This school was passed over during the boom and has been surviving in 11 prefabs. I am delighted for parents, pupils and the excellent teaching staff that the Government has given the go ahead” Minister Pat Rabbitte said.
WHAT THEY SAID "Politicians, the Governor and the Central Bank and Department of Finance officials have done as good a job as could reasonably have been expected." Colm Mc Carthy, Sunday Independent "It amounts to a very considerable achievement for the Coalition Parties" Dan O’Brien, The Irish Times "The elimination of the IBRC promissory notes and their replacement with new government bonds maturing from 2038 to 2053 is an important breakthrough for the Irish Government." Editorial, The Sunday Times. "This is a very good outcome which represents a small but significant step on Ireland's long road to economic recovery." Editorial, Irish Independent, 8 Feb 2013 "Big step for Ireland should lead to giant leap for Eurozone" Editorial, Financial Times, 8 Feb 2013
Sean Goan, Chairperson and Max Cannon, Principal with Minister Pat Rabbitte T.D. Photo courtesy of The Echo.
Honest and Effective Representation