The decisions taken on Tuesday in relation to the banking sector have doubled the national debt.

They bring to €40B the total amount the Irish taxpayer will be putting into Anglo Irish Bank because of that bank’s reckless behaviour over the past decade.

Sadly this is not monopoly money, it is not ECB money. It is not cheap money. It is mortgaging the future of our country. Future generations will carry the burden of this debt. It is the final bill of the reckless economic management of the Fianna Fail government.

The Government’s Banking Policies

The Government’s banking policies have proved to be an expensive formula for delay, continuing credit contraction and job decimation.

1. When the Guarantee issued in September 2008, Minister Lenihan said it was “the cheapest bank bail-out in the world so far” (Irish Times, October 4) – instead it has proved the most expensive.

2. When the €11 billion of taxpayers’ money was given to AIB (€3.5 billion), Bank of Ireland (€3.5 billion) and Anglo Irish Bank (€4 billion) in May-June 2009, Minister Lenihan promised new lending for small businesses and a generous cash return for taxpayers. Neither was delivered.

3. When enacting the NAMA plan for the State to borrow €54 billion to buy toxic assets from the banks, Minister Lenihan said this would see “a wall of cash” (Sunday Tribune, September 16) hit the Irish economy. But instead lending conditions have continued to tighten and the banks have said they will use this money to repay their own debts instead of lending it into the economy. (more…)

While I welcome aspects of this legislation, it requires significant improvement and I hope the Minister of State will take on board the proposals made by the Opposition and Government backbenchers to constructively improve the Bill and make it more effective for the long-term viability of the FÁS organisation.

The revelations about incompetence, overspending, waste relating to the agency over the past 15 months are unfortunate and extremely worrying but it is appropriate that they were brought to the fore in the public interest. We have an opportunity to address the systemic failures in this organisation and other public bodies. (more…)

Intro

The Freedom of Information Act of 1997 marked the Irish State’s move into the modern age. It indicated a new ethos of openness, transparency and accountability within the administrative arm of the state, and pointed towards a new responsiveness by the state to the needs of the citizen. It was a dramatic step forward.

The Freedom of Information (Amendment) Act 2003 was a step backwards. (more…)

Deputy Lucinda Creighton: I thank the Minister for introducing this important legislation. It is wide-ranging and its scope is broad in that it effectively repeals a number of Acts and consolidates the roles of a number of State bodies. It is ambitious legislation. (more…)

Lenihan failing in fight against prison drug games

Brian Lenihan’s promise to clamp down on the use of mobile phones in prisons looks laughable after just 12 convictions were secured from the discovery of more than 2,000 mobiles in prison, Fine Gael TD Lucinda Creighton TD has said. (more…)