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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
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OPINION The debt restructuring deal has been almost universally welcomed. There is no doubt that it is a major boost for the country after a long period in the doldrums. However it does not mean that we are out of the woods yet. The jobs crisis is now the biggest challenge facing the Government. Putting, say, 100,000 people back to work is challenging in circumstances where virtually every Member State of the EU is in recession. Accordingly the need to bring stability to the Eurozone is compelling. Arising from the Irish Government’s deal with the ECB, there is the real prospect that Ireland will be able to wave farewell to the Troika at the end of this year. In other words we can now plan and decide our own future again. The Labour-Fine Gael Government since being elected in March 2011 has never enjoyed economic sovereignty. Rather it has been locked into the straitjacket that is the bailout deal concluded between Fianna Fail and the Troika. He who pays the piper calls the tune. The Troika has been calling the tune. There is now an end in sight. The only alternative to the bailout deal was to walk away – to default. Default is the easy solution advanced by Sinn Fein and some others. Such a decision to default would have risked chaos. The only life-raft available to Ireland has been the EU/ECB. We may not like the medicine but bobbing around in a stormy sea without a life-raft is worse.
Minister Pat Rabbitte with ESB Chief Executive Pat O’Doherty at the announcement to recruit 80 engineering and technical staff.
JUSTICE FOR MAGDALENE WOMEN “This was a form of female slavery in the Republic,” Deputy Eamonn Maloney told the Dáil debate. The women, he said, were paid no wages and he didn’t believe that the religious didn’t make money from the laundries where undoubtedly there was cruelty. He welcomed the fact that at least an Irish Government had instigated an Inquiry. We now had a duty to redress past wrongs.
The challenge now is to recast our economy because we are never going back to either reckless spending or having 18% of our workforce in construction. A start has been made.
TALLAGHT VILLAGE Saturday 2pm - 3pm T.W.S. - Trustus 1 Main Street, Tallaght Village (Except August and Bank Holidays) Deputy Eamonn Maloney and Cllr Marie Corr at the opening of a new Post Office in Citywest by Communications Minister Pat Rabbitte TD
Dáil Eireann, Dublin 2 Ph: 6184833 E: eamonn.maloney@oir.ie
Pat Rabbitte TD Minister for Communications, Energy & Natural Resources Dail Eireann, Dublin 2 Ph: 6183772 / 6782011 E: pat.rabbitte@oir.ie
ADVICE CENTRES (excluding Bank Holidays & August)
FETTERCAIRN Monday 7.00pm to 8.00pm Fettercairn Community Centre
OLDBAWN Monday 6.00pm to 7.00pm Dominic’s Community Centre (Eamonn Maloney)
GREENHILLS Thursday 7.00pm to 8.00pm Greenhills Community Centre
Cllr Paddy Cosgrave
Cllr Chris Bond
Cllr Marie Corr
Cllr Mick Duff PC
Cllr Pamela Kearns
Cllr Dermot Looney
25 Orchardstown Drive Rathfarnham, Dublin 14 Ph: 085 1742709 E: cosgravepaddy@eircom.net
42 Allenton Drive Tallaght, Dublin 24 Ph: 086 1917159 E: cbond@sdublincoco.ie
35 Sundale Park Jobstown, Dublin 24 Ph: 085 7359200 E: mcorr@sdublincoco.ie
26 St Aongus Crescent Tallaght, Dublin 24 Ph: 087 2865570 E: mduff@sdublincoco.ie
203 Orwell Park Heights Templeogue, Dublin 6W Ph: 087 7756718 E: pkearns@sdublincoco.ie
1 Temple Manor Close Greenhills, Dublin 12 Ph: 085 7089955 E: dlooney@sdublincoco.ie 0612
CONTACT LABOUR & ADVICE CENTRES
Eamonn Maloney TD