Archive for the ‘Banks and the Economy’ Category

Call to all Deputies to vote against Pension Cuts by 12 To-day

December 10, 2010 Leave a comment

Statement From Paddy Healy following Public Meeting on Pension Cuts sponsored by
National public Service Alliance in teachers Club Parnell Square Dublin Dec 9
Please e-mail your Dail Deputy immediately and call on her/him to vote against the pension cut
A retired failed banker on a pension of 550,000 E per annum will get a RISE of 16,000 Euro per year due to Budget 2011
A public sector pensioner on a pension of 15,000 Euro per year will get a DROP 0f 580 euro per year due to Budget 2011
A private sector pensioner on an occupational pension of 15, 000 Euro per year will get a DROP of 400 Euro per year due to Budget 2011
Calculations are contained in attachments above
This can be checked on the Deloitte Calculator on Line (remove PRSI charge from table for pension income)
We call on all Deputies to vote against cuts in public and private pensions under 50,000 Euro per year and to reject this obscene budget. The measure cutting pensions is contained in the sams bill which makes a disgracsful cut in the minimum wage
Paddy Healy
Chairman, NPSA
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Stand up to EU/IMF—Sen. David Norris

December 5, 2010 Leave a comment

The necessity to reject the usurious and impoverishing EU/IMF deal is gaining wider support. Trinity senator,David Norris attempted to read out the list of bondholders at Anglo-Irish bank in the Seanad but was interrupted by the Ceann-Comhairle. In the Sunday Independent, Dec 5, Senator Norris Explained:
“What I was doing in trying to put the list out is to show that they are German, French, Italian and British banks. So naturally they [the EU and IMF] are going to lend us money, so we can pay them. They’re going to screw us by extracting the money from the people.”
Mr Norris was scathing in his remarks on the €85bn deal the Government struck last week with the EU and IMF.
On this, he said: “These people in the ECB and in Europe know it’s wrong. Angela Merkel knows it’s wrong. But they’re only going to change the rules when they have screwed us.
“Nobody else will get screwed because nobody else will put up with it. My view always was: ‘You want to put it up to us? We’ll pull the plug. We’ll bring the whole bloody thing [the EU] down, unless you give us this money to pay yourselves at zero interest or one per cent.’ Six per cent is ridiculous. I mean, not only are they treating us like a money-laundering outfit for people who at the very least are stupid and greedy, ordinary Irish people, who haven’t done anything wrong, will have to pay for it.” See full list of Anglo-Irish Bondholders by clicking on this address

Ireland’s narrow elite ran the economy like a casino and awarded itself free chips.

November 21, 2010 Leave a comment

Ireland has been betrayed by its leaders The need for a bailout is the consequence of the government’s incompetence. It should pay for its failure, Observer, Sunday 21st November

Not all of the boom was bogus. The initial expansion was driven by growth in exports. A young, well-educated, cheap labour force attracted investment. So did an aggressively competitive 12.5% corporate tax rate. Ireland positioned itself as a lean, buccaneering start-up economy, challenging Europe’s unwieldy giants. Membership of the single currency gave seamless access to export and capital markets.

But there was a shift at the start of the 21st century. As success fed into higher disposable incomes and demand for houses, the returns on property investment soared. The government, in turn, became dependent on tax revenues – and in some cases bribes – from the building trade. Politicians kept consumer demand buoyant with generous public spending, while rewarding developer friends with public works contracts. Ireland’s narrow elite ran the economy like a casino and awarded itself free chips. No one, save a few lonely economists, had much incentive to call time on the party. By 2007, around one in five Irish jobs depended in some way on the property market.
(full article)

Categories: Banks and the Economy

Seanad Election can be Used to Fight Cuts in Public Services

October 13, 2010 Leave a comment

Cuts in education, health and other public services are now in place. Much more are promised in the coming budget and in the following 3 budgets.

The Croke Park Deal facilitates such cuts. Over 2,500 nursing posts have been eliminated. Thousands of posts of responsibility delivering pastoral care are being eliminated in our schools. Lecturing posts are being eliminated reducing the service to third level students. Social workers are so overburdened that vulnerable people are unable to get the supports they need. Thousands of professional research staff are being employed under temporary contracts and dismissed when funding streams end. Post graduates and new graduates are unable to find jobs.

Social Welfare benefits have been cut and there are plans to increase taxation on the lower paid. There are 450,000 unemployed of which 100,000 are graduates and many have already emigrated.

There is an alternative to this.

National Community Platform
representing 29 caring bodies has launched a programme of proposals focussed on taxing the assets and incomes of the very rich instead of cutting public services. The programme-4Steps 2 Recovery is available on website

Further valuable material is available from TASC —an independent think-tank dedicated to combating Ireland’s high level of economic inequality and ensuring that public policy has equality at its core. Website

Government irresponsibly allowed Irish Banks to borrow 90 billion Euro abroad after 2003. Now the very rich must make a major contribution to providing a remedy through increased tax payments.

I contested the Seanad election (NUI Panel) on the last occasion with the support of Teachers Union of Ireland (TUI) and Irish Federation of University Teachers and received almost 1500 votes.

Of course, cuts in public services cannot be prevented by the Seanad. But those elected can play an important role as public advocates on behalf of the interest groups they represent.

Senator Joe O’Toole
has used his position to promote the Croke Park Deal under which thousands of temporary staff have been dismissed and over 10,000 permanent public service posts have been eliminated causing serious damage to public services.

Senator Ronan Mullen has campaigned against reform of the law on same sex unions from a Catholic perspective. David Quinn, director of IONA Institute which supports Ronan has recently advocated cuts in public services.

Senator Fergal Quinn represents business interests.

A strong advocate for public services, for public servants, for employees generally and for the poor is urgently needed.

I am considering contesting the Seanad Election on the NUI panel when it takes place if sufficient support is available.

It is my intention if elected to use the position to enhance my work in organising public servants, employees generally and the poor to defend themselves against cuts and other oppressive policies. In pursuit of these objectives, I will be advocating increased taxation of the assets and incomes of the super-rich.

Above all a Registration Drive is needed immediately. A Registration Form can be downloaded at Tá leagan gaeilge ar fáil ar an suíomh idirlín freisin.

If you wish to help with this work, please reply to this message or telephone me at 086-4183732

Community Platform: 4 Steps 2 Recovery

October 6, 2010 Leave a comment

The Community Platform: 4Steps2Recovery

Cutting vital public services, taxing low paid workers, cutting social welfare and capital investment are being presented as the only options to reduce the budget deficit.
The Community Platform rejects this notion and has launched a campaign to present real alternatives in the form of progressive tax reform that will both address the budget deficit and stimulate economic recovery.
Campaign Launch
The Campaign was launched by Fergus Finlay, Chief Executive, Barnardos on Monday 13th September

Tax campaign document – final (2)
* Anne Costello of the Community Platform presented the proposals
* Dr. Tom O Connor, Lecturer in Economic and Social Policy, Cork Institute of Technology responded

Government Must Tax the Super-Rich!

October 6, 2010 Leave a comment

Letter to Irish Times Published WED OCT 6

Taxing questions

* Madam, – Among the taxation proposals being mooted by government for the next and subsequent budgets is an extension of tax to the lower paid. This is to be accompanied by continued draconian reductions in the provision of health, education and other services required by the population generally and particularly by the poor. Government cuts and impositions on the poor and those on middle incomes who spend most of their income in Ireland will flatten the economy and increase the disastrous levels of unemployment and emigration.

Much of the €90 billion irresponsibly borrowed abroad by Irish banks since 2003 is still in the possession of the super-rich.

The borrowings which have bankrupt many developers have been paid to others.

The repayments on these borrowings are now being made by the citizens generally. Surely this money must be restored to the State as a priority?

The only way to recover this money is through an assets tax which is common in several countries (France, Norway, Switzerland) and in several states in the US.

If the €320 billion in assets (Wealth of the Nation Report, 2007) held by the top 5 per cent in 2007 has now shrunk to €250 billion, a 2 per cent annual assets tax on the top 5 per cent of asset holders would bring in €5 billion per year.

Raising the tax on the top 6 per cent who earn over €100,000 per annum from 27 per cent to 32 per cent of total salary, would raise a further €1.5 billion per year.

A significant increase in income taxes and assets taxes on the rich is no longer merely desirable in equity, it is a necessity in order to rescue the economy and to protect human services provision.

There is a real economic emergency. Surely the super-rich should make an emergency contribution? How about a little patriotism from them? – Yours, etc,

“Pluck of The Irish”, Editorial, S&P’s slap in the face

August 27, 2010 Leave a comment – Pluck of the Irish “S&Ps must have felt like slap in the face. But the worst is not yet over for Ireland.”

“It is time to staunch the bleeding. As Irish state guarantees near their expiry date, some banks will not be able to refinance their balances. The government should prepare insolvent banks for forced debt-for-equity swaps, which would instantly recapitalise the banks in question and cap the government’s exposure. This cannot be done frivolously; European institutions are exposed and EU partners must be consulted. But someone must put an end to the practice of handing banks blank cheques.”