Banking Inquiry Confirms that Irish Super-Rich and Entire Irish Elite Are Responsible for Greatest Crisis in the Financial History of the StateJanuary 28, 2016
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
IRELAND HAS NO ECONOMIC SOVEREIGNTY TO STAND UP TO EU BULLYING
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
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David Begg Should Withdraw From the Pensions Authority following the conclusions of the report of The Banking Inquiry. Tánaiste Burton should Now resign.January 22, 2016
David Begg Should Withdraw From the Pensions Authority following the conclusions of the report of The Banking Inquiry.
Tánaiste Burton should Now resign.
The banking inquiry has come down hard against the Regulator and the Central Bank—RTE NEWS.
The Banking Inquiry has found that both the Financial Regulator and Central Bank had sufficient powers to intervene in the banking sector to protect the financial stability of the State, but neither intervened decisively according to a Report on RTE News.
In my contribution to the recent “no confidence” debate in the Dáil, I said on the record of the Dáil: “I believe that Mr. Begg, who signed off on the financial stability reports of the Central Bank during those years (2003-2007) is particularly unsuited to and not qualified for this particular appointment.”
Mr. Begg was a member of the board of the Central Bank from 2003 to 2007. This board, including Mr Begg, allowed the financial system as a whole to borrow 50% of GDP, a level of borrowing that was hitherto unprecedented according to Former Governor of the Central Bank, Patrick Honohan.
The board of the Central Bank failed in its primary duty to protect the value of shares owned by tens of thousands of citizens.
On the basis of the Financial Stability Reports to which David Begg assented, financial consultants advised pensioners, redundant workers and those providing for retirement generally to buy shares in financial institutions including banks in Ireland. These citizens have lost their life savings.
The Pensions Authority is also tasked with protecting the pension contributions of citizens. David Begg was a member of the Board of the Central Bank for fourteen years.
I believe that anybody who was a member of that board should be disqualified from any state authority exercising oversight over financial entities including pension funds.
Seamus Healy TD 087-2802199
The forthcoming General Election which is due to take place in February/March will be the most difficult election we have ever contested with the new all County Constituency and the number of Dáil Seats reduced from 6 to 5.
I would appreciate your help in this election so I can continue to stand up for ordinary people, make sure their voice is heard and ensure that they get a fair crack of the whip.
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Many thanks again for your support in the past and looking forward to your continued help during this General Election Campaign.