Workers being made pay for Bank Bail-outs

The AIB has held an Emergency General Meeting and voted to graciously accept the €3.5 billion in funds. Much of these funds are being raised from PAYE workers through a series of levies.

AIB Executives- Left with egg on thier faces, but workers being left to clean up the mess

The transfer of toxic debt to NAMA will also increase Irish government debt and is already leading to higher interest payments to international bondholders. One estimate is that extra interest payments ay amount to €2 billion a year.

Even the IMF has noted that Ireland’s bank ‘stabilisation’ programme will be the dearest in the world, costing €23 billion in future years. These vast sums could be used to ‘bail out’ our hospitals or schools. They could be used to underwrite a pension protection funds for the tens of thousands of workers who will face a life of poverty in their old age, due to the over-investment of pension funds in Irish banks.

The People Before Profit Alliance is totally opposed to the bank guarantee scheme and the infusion of public funds into the banking system. As an alternative we suggest the creation of a good state bank to facilitate credit for society. Such a state bank should be banned from any engagement in speculation.