Local politicians' views on vote to liquidate Anglo Irish Bank
The Dáil voted in the early hours of this morning to liquidate IBRC (formerly Anglo Irish Bank), thus transferring its debts to NAMA. Longford/Westmeath TDs Deputies James Bannon (FG) and Robert Troy (FF) voted in favour of the bill. Roscommon Deputies Denis Naughten (Ind) and Frank Feighan (FG) also supported the legislation, while Luke 'Ming' Flanagan (Ind) voted against it. Westmeath TDs Nicky McFadden (FG) and Willie Penrose (Lab) did not vote on the bill. During the Dail debate, Deputy Flanagan argued that the bill would crystallise the Government's promissory notes as national debt. "It will facilitate a situation whereby the Minister will be able to turn something that is not our debt into a long-term mortgage, " said 'Ming'. "We were told by the Minister, Deputy Ruairí Quinn, and the Minister of State, Deputy Brian Hayes, that our debt was not sustainable and that something would have to be done about it. "How much money is this going to save us per year? Is it going to save us €1 billion? No, it is not. Is it going to save us €800 million? Perhaps, at most. "If our debt was unsustainable before that and this is the Government's deal, how does it make the debt any more sustainable? It makes it very marginally more sustainable but it does not actually reduce our debt burden which is something the Government was mandated to do. Unfortunately, the Government has not done that." In a blog post, Deputy Denis Naughten explained his vote by saying: "For anyone who was not tied to a whip, and wanted to act in the best interest of the Country, last night's decision was a difficult one. "Who was right or who was wrong, the honest answer is we don't know, and won't know until the Government has played its full hand over the next 6 months."