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View Full Version : Labour to Oppose Extension of Bank Guarantee - How will Fine Gael Vote



ang
29-09-2010, 04:19 PM
I don't think it's any great surprise that the Labour Party will not support the extension of the Bank Guarantee but what will FG do.

The FG party have continually stated that they could only vote on the information given to them at the time, since then they have stated that it should not have been allowed to cover certain products.

How will they vote on the extension ?


Labour to oppose extension of bank guarantee

http://www.breakingnews.ie/ireland/labour-to-oppose-extension-of-bank-guarantee-475634.html

BrendanGalway
29-09-2010, 04:42 PM
http://www.irishtimes.com/newspaper/breaking/2010/0929/breaking11.html



Fine Gael leader Enda Kenny said the decision to guarantee bank deposits was one of the most serious and worst ever taken by a Government. He asked if the Government again intended to come to taxpayer seeking money.

Mr Cowen said he stood over the bank guarantee.

.........

Mr Cowen said he was awaiting the considered judgement of the Financial Regulator and Central Bank. He said he hoped the decision would provide stability to the financial markets.


It would suggest they will oppose it but lets wait and see what the Regulator has to say first.

FF still have the numbers to push it through. Heard another FF head this morning on Newstalk repeat the line that the Government has a Mandate to govern. Maddening stuff. If thats true, call the Bi-Elections!

Baron von Biffo
29-09-2010, 04:56 PM
Michael Noonan was on RTE Radio at lunch time and he seemed to be saying that they were going to support it again.

disability student
29-09-2010, 04:59 PM
Michael Noonan was on RTE Radio at lunch time and he seemed to be saying that they were going to support it again.

Whatttttttt?

You must be joking really?? No wonder i won't be voting for FG again as they seems to lost their sense of direction.

I recall Gilmore was the only party leader on the record opposing it and voting against it in the Dail vote.

Is that another FG scoring thier OWN goal again??:D:D

Mick Tully
29-09-2010, 05:13 PM
Fine Gael are not going to play until gilmore says sorry ha.

C. Flower
29-09-2010, 06:19 PM
The Labour Party's statement on this:

Following a briefing from the Deputy Leader and Spokesperson on Finance, Deputy Joan Burton, the Parliamentary Labour Party has decided to vote against the government motion this evening seeking to renew the blanket bank guarantee.

Speaking after the meeting Deputy Burton said:

Today's vote is, in effect, a vote of confidence in the government's banking strategy. Two years after the first guarantee, which we were promised would cost nothing, we are faced with enormous bills, credit is still scarce, and the cost of Government borrowing is soaring. The Labour Party has no confidence in the government’s banking strategy. We stood alone in opposing the original guarantee in September 2008 and we have been more that vindicated by developments since.

Labour doesn’t do blank cheques. We were told that the original guarantee would be the cheapest bank rescue in the world, but it has already cost Irish taxpayers more than €30bn, and the bill keeps rising. Every time that Brian Lenihan or Brian Cowen has tried to put a line under the bank losses, they have been found some months later to have completely underestimated the scale of the problem. They scoffed when the IMF suggested last year that the total bill could hit €25bn, but this has already been surpassed.

We are being asked to extend the guarantee today, but we are not being told yet what the cost of the last blank cheque will be – the Government are insisting on voting this through, but they wont tell the taxpayer the cost of the Anglo bailout.

Two years on from the bank guarantee, the government has still made no progress with the introduction of a Special Resolution Regime for the banks. - once the guarantee was granted, the introduction of such a resolution mechanism was the only realistic way in which the financial burden could be shared appropriately between taxpayers and the banks' investors.

As of midnight tonight, there will be €40bn of bank liabilities which will fall outside the guarantee, but without a bank resolution act, it will be difficult to ensure that those bondholders make a fair contribution to cost of the banking failure.

In the weeks before the original blanket guarantee was put in place the Labour Party called for enhanced protections for ordinary depositors, but these protections should not have been extended to the professional investors who took a punt on bank bonds. The Central Bank Governor, Professor Patrick Honohan, has since vindicated this position in his report on the banking crisis.

'Omerta' has been official government policy on the banks from day one. Labour was briefed on this motion today at 10am, and the Department were unable to answer basic questions put to them by the Labour Party, such as:

- Will Irish banks be facing a further funding cliff in December, when the guarantee extension is set to expire?
- How much debt has each institution guaranteed under the ELG scheme to date?
- How much debt is expected to be issued under the ELG scheme between now and the end of December?
- Will the government urgently introduce a 'Special Resolution Regime' for banks?
- Is a further guarantee extension, beyond December, envisaged?

The government has also choreographed events in such a way as to give the Dail the least possible time to consider the motion on the renewal of the bank guarantee. The Dail has been in recess for twelve weeks. When the government decided that the Dail would return on September 29th they knew that a decision would have to be made by midnight that night on the renewal of the scheme. Why was the Dail not brought back earlier so that it would have adequate time to consider the renewal proposal.

We are also being asked to make this decision on the guarantee a day before the Regulator is to disclose the full extent to the likely cost of bailing out Anglo-Irish Bank. We are told that this figure will not be announced until after the markets close tomorrow. At this stage the Regulator must know the amount, the government must know the full amount. It is simply not acceptable that the Dail should be asked to make a decision on the guarantee while the information on Anglo is being withheld from TDs.

disability student
29-09-2010, 06:28 PM
No word from Fine Gael re their statement for tonight re Guarantees?? right?

antiestablishmentarian
29-09-2010, 06:30 PM
They're punishing Labour for making them look like idiots earlier in the week.

Baron von Biffo
29-09-2010, 06:30 PM
Noonan just said on the news that they will support it again.

disability student
29-09-2010, 06:32 PM
Fine Gael are not going to play until gilmore says sorry ha.

That's quite childish really:rolleyes:

disability student
29-09-2010, 06:49 PM
Labour doesn’t do blank cheques. We were told that the original guarantee would be the cheapest bank rescue in the world, but it has already cost Irish taxpayers more than €30bn, and the bill keeps rising. Every time that Brian Lenihan or Brian Cowen has tried to put a line under the bank losses, they have been found some months later to have completely underestimated the scale of the problem. They scoffed when the IMF suggested last year that the total bill could hit €25bn, but this has already been surpassed.


You can tell of FF sneery & contempt attitude towards us. They lied and lied and lied again without any conscience in their heads.They spoofed again and again. I couldn't understand the life of me re GP supporting them up to a hilt for tonight. GP have been very very quiet today as i wonder why.



We are being asked to extend the guarantee today, but we are not being told yet what the cost of the last blank cheque will be – the Government are insisting on voting this through, but they wont tell the taxpayer the cost of the Anglo bailout.

Quite rightly re Labour approach and how do you feel if you were in their (LAB) shoes??? I would adopt the same as them. It's like signing a contract without loooking the inside content of it.


Two years on from the bank guarantee, the government has still made no progress with the introduction of a Special Resolution Regime for the banks. - once the guarantee was granted, the introduction of such a resolution mechanism was the only realistic way in which the financial burden could be shared appropriately between taxpayers and the banks' investors.



I hadn't thought of that until now. It said no progress being made since then.



'Omerta' has been official government policy on the banks from day one. Labour was briefed on this motion today at 10am, and the Department were unable to answer basic questions put to them by the Labour Party, such as:

- Will Irish banks be facing a further funding cliff in December, when the guarantee extension is set to expire?
- How much debt has each institution guaranteed under the ELG scheme to date?
- How much debt is expected to be issued under the ELG scheme between now and the end of December?
- Will the government urgently introduce a 'Special Resolution Regime' for banks?
- Is a further guarantee extension, beyond December, envisaged?


That illustrates the non co-operation approach employed by the FF party as we have a right to know it as it's our taxpayer's money.It's quite clear that FF don't give a damn about us as they did to Labour party. It's high time we KICK FF out for good when the general election comes in.


The government has also choreographed events in such a way as to give the Dail the least possible time to consider the motion on the renewal of the bank guarantee. The Dail has been in recess for twelve weeks. When the government decided that the Dail would return on September 29th they knew that a decision would have to be made by midnight that night on the renewal of the scheme. Why was the Dail not brought back earlier so that it would have adequate time to consider the renewal proposal.


Why not re brought back at earlier date?? It was totally devious & contempt shown by FF as it gives us/political parties very little time to discuss it at length.


We are also being asked to make this decision on the guarantee a day before the Regulator is to disclose the full extent to the likely cost of bailing out Anglo-Irish Bank. We are told that this figure will not be announced until after the markets close tomorrow.


That's a very good point raised by labour party as we have a right to know how much is the bailout and we can't vote if we don't have the right financial information at hand. It's like the blind leading the blind etc as we can't afford that kind of mistake.


At this stage the Regulator must know the amount, the government must know the full amount. It is simply not acceptable that the Dail should be asked to make a decision on the guarantee while the information on Anglo is being withheld from TDs.


+10

Munnkeyman
29-09-2010, 06:59 PM
Lendahand is now talking in the Dáil about the blanket guarantee
and calling it a brave decision bla bla bla saved the economy.
You know the story Fianna Fáil saved the economy and society from
destruction.........
weathering tsunamis etc.
and also better than Labour's ideas.
So Fianna Fáil didn't do any wrong and the stopped the big bad mean opposition
from making worser decisions.

When is this spanner going to be retired............

disability student
29-09-2010, 07:04 PM
Lendahand is now talking in the Dáil about the blanket guarantee
and calling it a brave decision bla bla bla saved the economy.
You know the story Fianna Fáil saved the economy and society from
destruction.........
weathering tsunamis etc.
and also better than Labour's ideas.
So Fianna Fáil didn't do any wrong and the stopped the big bad mean opposition
from making worser decisions.

When is this spanner going to be retired............

It nearly makes me puke when i see his comments above.He's a traitor to his own country:mad::mad::mad:

Munnkeyman
29-09-2010, 07:07 PM
It nearly makes me puke when i see his comments above.He's a traitor to his own country:mad::mad::mad:

That's beyond the Pale:o

Munnkeyman
29-09-2010, 07:28 PM
Michael Noonan offered an ultimatum -
that Brian Lenihan answers why he didn't know that;
Anglo Irish Bank's sale offer to BOI was unknown to him four days before
the original guarantee was proferred to the Dáil.
He's also calling for legislation to be brought in to wind down Anglo.
He's saying Fine Gael will refuse to vote for the extension if these questions and details on Anglo aren't known.

Kid Ryder
29-09-2010, 07:44 PM
They're punishing Labour for making them look like idiots earlier in the week.

Wrong.

They (FG) are punishing us for Labour making them look like idiots over some spurious 'jobs fair' junket trip by Sweary Mary.

Newsy
29-09-2010, 08:17 PM
beverly is up in the dail, defending the guarantee......make me puke.

Rich
29-09-2010, 09:14 PM
Motion to extend the guarantee carried 83 votes to 74.

ang
29-09-2010, 09:15 PM
FG voted against extension

BrendanGalway
29-09-2010, 09:17 PM
Motion to extend the guarantee carried 83 votes to 74.

Tragic. They are destroying our future. We simply cannot maintain this. We will be ruled from Brussels by 2012.

Munnkeyman
29-09-2010, 09:18 PM
Motion to extend the guarantee carried 83 votes to 74.

Scum:mad:

Rich
29-09-2010, 09:20 PM
FG voted against extension

Yep, I hope they up their game now, they need to get a spine somewhere.

C. Flower
29-09-2010, 09:24 PM
Won 83-74 -RTE

culmore
29-09-2010, 09:27 PM
They has to teach Labour a lesson no1 and no 2 they had to get the minister to tell more lies

Mick Tully
29-09-2010, 11:28 PM
That's quite childish really:rolleyes:

Its not really watch the news.:rolleyes:

Baron von Biffo
29-09-2010, 11:28 PM
FG voted against extension

Why weren't they clear from the outset that that's what they were going to do? No wonder they're heading for margin of error territory when they dither over something as big as this.

Mick Tully
29-09-2010, 11:35 PM
Why weren't they clear from the outset that that's what they were going to do? No wonder they're heading for margin of error territory when they dither over something as big as this.

The leader of any party must be decisive and clear Kenny is letting the people of Mayo down, for the world to see that was their selection of the best to represent them .We are all F!!!ed if he ever represents Ireland :eek: :eek:

ang
29-09-2010, 11:42 PM
Why weren't they clear from the outset that that's what they were going to do? No wonder they're heading for margin of error territory when they dither over something as big as this.

Maybe they only made up/changed their mind when they got results of IT poll :D

Baron von Biffo
29-09-2010, 11:53 PM
Maybe they only made up/changed their mind when they got results of IT poll :D

:):)

antiestablishmentarian
30-09-2010, 12:01 AM
Tragic. They are destroying our future. We simply cannot maintain this. We will be ruled from Brussels by 2012.

We already are


EU economics commissioner Olli Rehn has said the Government should have no need to seek emergency financial aid from the EU and the International Monetary Fund (IMF) as it battles to regain market confidence in its economic plan.

However, he wants Minister for Finance Brian Lenihan to quickly set out specific budget and reform measures to achieve billions of euro in savings in the next four years.


Coming from Mr Rehn thats not so much a request as an order
http://www.irishtimes.com/newspaper/breaking/2010/0929/breaking37.html