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Taoiseach Miche\u00e1l Martin has claimed the banks were not bailed out following the 2008 financial crisis.<\/p>\nTaoiseach Miche\u00e1l Martin has claimed the banks were not bailed out following the 2008 financial crisis.<\/p>\n
In 2010, Irish banks were given upwards of \u20ac64 billion in State liquidity, borrowed from the European Union and the International Monetary Fund (IMF).<\/p>\n
The figure, then equal to 40 per cent of Ireland\u2019s economy, will continue to be paid for generations to come.<\/p>\n
Mr Martin shocked the Opposition benches on Wednesday when he denied what took place was a bailout.<\/p>\n
He told the D\u00e1il: \u201cThe banks were not bailed out. Shareholders in the banks were not bailed out.<\/p>\n
\u201cThe State took equity. The shareholders were not bailed out. That is not a popular thing to say, but it is a fact.\u201d<\/p>\n
The Taoiseach was responding to a question from People Before Profit TD Richard Boyd Barrett, who was raising the issue of striking workers at Debenhams who have been made redundant.<\/p>\n
He said a \u20ac3 million Government offer for retraining was an insult, noting that the Government had found \u20ac64 billion to bail out the banks.<\/p>\n
He said: \u201cThe failure by the Government to ensure justice for these workers is appalling.<\/p>\n
\u201cI remind the Taoiseach that he said he could not put money on the table because it would set a precedent.<\/p>\n
\u201cThe sum of 18 million is owed to the State by Debenhams. The Taoiseach did not mind setting a precedent when it came to bailing out banks to the tune of 64 billion.<\/p>\n
\u201cThere was no moral hazard there or no worry about the implications, but when it comes to workers who have worked for decades, who have done nothing wrong, and who are entitled to the two plus two, agreed with Debenhams, we cannot underwrite them.\u201d<\/p>\n
Mr Martin accused Deputy Boyd Barrett of engaging in \u201cpopulism\u201d with the remarks.<\/p>\n
He said: \u201cDeputy Boyd Barrett never wants to hear the facts because he lives in a fantasy economic wonderland. If his party ever got into power thousands of jobs would migrate from this country. That is the reality.\u201d<\/p>\n
Mr Boyd Barrett shook his head in response to the Taoiseach\u2019s claim that banks were not bailed out and responded: \u201cThey were.\u201d<\/p>\n
D\u00e1il records show that Mr Martin has repeatedly referred to the Irish bank bailout in parliament since 2010.<\/p>\n
The Taoiseach was widely mocked on social media over the comments, most notably by Sinn F\u00e9in leader Mary Lou McDonald.<\/p>\n
She tweeted: \u201cThe banks were NOT bailed out sez (sic) Taoiseach Micheal Martin.\u201d<\/p>\n