Anglo Irish Bad Bank [pics]

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A further €16 billion of taxpayer’s money is due to be put into the country’s biggest banks in the hope that this gift coupled with NAMA will enable the banks to operate profitably and lend.

The government’s whole approach is predicated on two fundamental beliefs which I challenge, namely that the bondholders and foreign banks who lent the money to the financial institutions which in turn fuelled the property boom must be repaid in full and that at all costs the ownership of the banks should remain in private hands.

There are no similar financial contortions for mortgage holders facing into repossession. The growing crisis in our public services and the continued increase in the numbers of unemployed can be directly attributed to these policies and the system that underpins it. I say again, let those whose greed fuelled the property bubble and subsequent crash take their losses. Nationalise the banks yes, but not in the manner of Anglo where a top down private sector like regime remains in place. Instead place the ordinary bank workers and representatives of customers and the elected government at the heart of the management of the bank and thus the lending policy could be made subject to social need as opposed to the demands of the capitalist market.

The Socialist Party will be organising a protest against the government’s criminal waste of taxpayers money will take place at the offices of Anglo next Thursday at 1pm and I urge people to take the opportunity to show their opposition to these bail outs.

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