CLLR Jimmy Harte, Labour Party general election candidate, has launched an attack at his opponents in Donegal NE for failing to properly explain to the electorate their position on the bank guarantee.
Harte says that Deputy Joe McHugh, and Cllrs Padraig MacLochlainn and Charlie MacConalogue, have more in common than the pre-fix to their name – each supported the blanket bank guarantee, one of the most destructive pieces of legislation in the history of the State.
“The three Macs on the election trail have more than a pre-fix to their name in common – they aren’t telling the electorate that in September 2008 their parties all voted for the blanket bank guarantee which has been one of the most destructive pieces of legislation which has ever come to pass in this country.
“No amount of rhetoric or waffle from the three candidates or their respective parties can disguise this fact. The Labour Party were given the
exact same information at short notice but when they analysed it they realised that it was a bad deal for the taxpayer and they rejected it. They have since been proven right on the issue.”
Harte continued: “History books will show that this decision in September 2008 was a panic reaction by the Government, a reaction which was supported by Fianna Fail, the Greens, Sinn Fein and Fine Gael.
“They all made a major error in not rejecting it at the time. The ‘three Macs’ should be renamed ‘Macs the Knives’ because by supporting the guarantee they have ensured cuts to health, education and social welfare for years to come as we continue to pour billions in the black holes of Anglo Irish Bank and more.
Cllr Harte said the decision to support the guarantee was a ‘panic reaction’ by the parties who have now ensured that every man, woman and child will pay for the mistakes of bankers, developers and Government.
“The net effect of that sole decision to guarantee the banks is that each man, woman and child, regardless of means of income, will now owe 21,570 euro to the State. We now have have Sinn Fein saying that they didn’t really
know what they are voting for, Fine Gael standing by the decision and Fianna Fail obviously backing but the blanket guarantee.
“It means that every citizen is going to pay back for all loans that were guaranteed by the government – loans of developers and loans in Anglo Irish Bank. What Labour had proposed – and this has since been realised by expert opinion of Merrill Lynch, the Government’s own advisors – is that the guarnatee was too wide and should have excluded the senior bondholders,and this is something which could have been negotiated at the time.”
