Micheál Martin tersely told Richard Boyd Barrett TD: “The banks were not bailed out.”
A surprised Mr Boyd Barrett, Solidarity People Before Profit TD for Dun Laoghaire, replied: “They were.”
The extraordinary rescue of the whole financial sector since 2008 has saddled every working adult in is country with a debt of €32,000 per head.
The Taoiseach continued: “Shareholders in the banks were not bailed out. The State took equity.”
The exchange arose on Opposition claims that a €3m Government offer for retraining of redundant Debenhams workers was an insult.
“The failure by the Government to ensure justice for these workers is appalling,” Mr Boyd Barrett said.
Micheál Martin tersely told Richard Boyd Barrett TD: “The banks were not bailed out.”
A surprised Mr Boyd Barrett, Solidarity People Before Profit TD for Dun Laoghaire, replied: “They were.”
The extraordinary rescue of the whole financial sector since 2008 has saddled every working adult in is country with a debt of €32,000 per head.
The Taoiseach continued: “Shareholders in the banks were not bailed out. The State took equity.”
The exchange arose on Opposition claims that a €3m Government offer for retraining of redundant Debenhams workers was an insult.
“The failure by the Government to ensure justice for these workers is appalling,” Mr Boyd Barrett said.
State did not bail out banks during economic collapse, Taoiseach says Micheál Martin says bank shareholders not bailed out but ‘State took equity’
Wed, Dec 16, 2020, 16:46 Updated: Wed, Dec 16, 2020, 16:48
Taoiseach Micheál Martin has insisted in the Dáil “the banks were not bailed out” during the economic collapse over a decade ago.
The banks received €64 billion in borrowed funds in 2008 which is still being paid back but the Taoiseach said while it was not a popular thing to say “but it is a fact” that the banks were not bailed out.
Mr Martin said in response to People Before Profit TD Richard Boyd Barrett: “I’ll talk to you about the banks. The banks were not bailed out. Shareholders in the banks were not bailed out. The State took equity. The shareholders were not bailed out. That’s not a popular thing to say, but it is a fact”