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Statement by Seamus Healy TD

Statement by Seamus Healy TD 0872802199

Banking Inquiry Confirms that Irish Super-Rich and Entire Irish Elite Are Responsible for Greatest Crisis in the Financial History of the State


The report of the Banking Inquiry and the published evidence shows that the greed of the Irish rich combined with the compliance of their elites are responsible for untold misery due to the financial crash including mass unemployment, emigration, negative equity, loss of homes and life savings. It also showed that the policies of successive governments have left Ireland with no economic sovereignty to protect our citizens.

A new left government completely excluding Fianna Fail and Fine Gael is necessary to tackle this situation. New regulations and procedures are not enough. The rich and their elite hangers on will not implement any regulations if it does not suit the rich.

The government, central bank and the regulator had plenty powers and advance information to enable them to intervene to prevent the crash but failed to use them.

In his evidence to the Inquiry, the then Deputy Governor of the Central Bank Tom O'Connell, put it in a nutshell: ““It's sometimes said that nobody seemed to know that a property boom or bubble was developing. That's … that is completely incorrect in my view ——Ireland's banking and economic crash should never have happened, should never have been allowed to happen, with all the consequences of huge increases in unemployment, rising emigration, enormous debt, suicides, etc., that we have seen.-the liquidity pumped out into the banks was €140 billion, you know, with the … both from the Central Bank and the ECB. I mean, once you spell that out, that's €140,000 million - there are 12 digits in that.——- One can only surmise that, as Professor Alan Ahearne has said here to your committee, too many people were benefitting from the boom time for prudence avoidance … prudent avoidance measures to have been taken. ”

TOM O'Connell is right!

The Inquiry found that the almost universal adoption of the “soft-landing theory” without any substantial testing or challenge“must be regarded as a key failing for the government, the Central Bank and the Department of Finance”-Ciaran Lynch TD Chair. The Economic and Social Research Institute, charged with advising citizens and government on economic matters, and employing numerous professors of economics, also predicted a soft landing.

There was significant overlap in membership between the board of the Central Bank and the governing council of the ESRI. Irish elite insiders from business, trade union leadership, academia and the business professions dominated both boards.

Citizens should use the election to clear out the representatives of the super- rich from government before the cause another similar crash

Seamus Healy TD