PRESS RELEASE - TWOMEY QUESTIONS GOVERNMENT’S TRANSPARENCY OF FINANCIAL POLICY

Fine Gael’s Dr. Liam Twomey has urged the Minister for Finance, Brian Lenihan to explain to the people why there is not more transparency in relation to the banks.

Dr. Twomey said “The banking inquiries that are currently being carried out on behalf of the Government are taking place behind closed doors. The Government’s terms of reference prohibit any investigation of the fateful night in September 2008 when the Taoiseach saddled future generations with massive debt. Last Friday, the Minister for Finance published his budget outlook for the next couple of years. However, he made no allowance for the recapitalisation of the Irish banks. When the Minister published his outlook for the next couple of years last Friday, one can imagine the howls of derision if he had neglected to include a figure for the Department of Education and Science. In this case, he has made no allowance for the fact that the taxpayers of this State will have to come up with billions of euro to recapitalise the banks. I will continue to put pressure on the Taoiseach and the Minister so that those we represent can be properly informed about what is going on. Too much is happening behind closed doors. Taxpayers, who are footing the bill and are paying for the banks’ mistakes, are getting the rawest deal going for future generations.”

Dr. Twomey also pointed out that the Minister for Finance is misleading the public when he claims that everything is fine because Europe supports us. “The truth of the matter is that Europe does not support us. All Europe supports is that we do not cost it money; it does not care if we pauperise ourselves for the benefit of developers and senior bankers.”

Dr. Twomey added “We are putting our children’s futures at risk by pouring so much money into the banks but also in the short term, the policies are not delivering. SMEs with a good credit history are still finding it difficult to get credit from the banks. County Wexford has already been hit hard by the number of businesses that have closed in the last couple of years. Unemployment is at 18,837 in the county, which has more than doubled since January 2008. The Government must admit its mistakes before it’s too late for small and medium businesses and their employees across county Wexford and so I want the Minister for Finance and the Taoiseach to explain themselves,” stressed Dr. Twomey.