10 Billion for Banks / Cuts for Health Service

National Pension Reserve Fund raided to save banks
Time to nationalise the banks says Finnegan

Michael Finnegan
WP President Michael Finnegan

The Workers’ Party has condemned the decision of the government, announced tonight (Sunday) to invest €10 billion in the banks while on the same day Health Minister Mary Harney has signalled massive and damaging cuts in funding for the health service.


Workers’ Party President Michael Finnegan said that when taken in context together the two decisions show a government that is prepared to inflict hardship and pain on ordinary people while at the same time rifling the national pension fund to prop up banks who have got themselves into serious difficulties through their own greed and mismanagement.


“Let us not forget”, said Michael Finnegan, “that the national pension reserve fund was established during the boom years of the 1990s to provide for the pension needs of the future with a growing older population.  That cupboard is now being raided to shore up the banks which have already been given a gilt-edged state guarantee.  Cash can be found to save the banks but not to save people’s lives”.


The Workers’ Party President said that instead of a cash bailout,  the state should now nationalise the banks and should prioritise its spending in areas of greatest need, especially health, education and other social services.


Issued 14th December 2008

Peace, Work, Democracy & Class Politics