The Sinn Fein finance spokesman said the ‘horrendous’ figures showed how the Government was handing over billions of euros to the banks – with more than 40% of the country’s deficit going to the banks.
“Sinn Féin indicated during the debate on Budget 2011 that further austerity measures would depress the domestic economy. These figures show that this is exactly what has come to pass,” said Deputy Doherty.
“The end of March exchequer returns show that in the first 13 weeks of the year that the combined VAT and Income Taxes are €304 million behind Government projections.
“While the exchequer deficit for the first 13 weeks of 2011 stands at just over €7 billion, 43% or €3,060 million of this is made up of money that was transferred to Anglo Irish Bank and Irish Nationwide on Thursday last.
“These figures are another strong reminder as to why this Government needs to change course and stop pumping billions of taxpayers’ money into zombie banks. This failed strategy is having a real impact on the domestic economy and can only lead to further austerity, further stagnation and higher unemployment.”