About the Campaign
Anglo is Not Our Debt! Stop the Repayments!
People in Ireland have joined millions of people worldwide repaying unjust and illegitimate ‘debts’.
Ireland’s debt repayments for the now dead Anglo-Irish Bank will reach over €47.9 billion by 2031 if the repayments are not suspended! That is 30% of Ireland’s GDP. These payments could even increase to as high as €85 billion.
The debts run up by the former Anglo-Irish Bank and Irish Nationwide Building Society (which we are simply calling ‘Anglo’) are not the responsibility of people living in Ireland – they are the responsibility of those who supported Anglo’s reckless lending. Yet we have been saddled with repaying the debts through so-called ‘promissory notes’. The next payment, amounting to €3.1 billion, falls due on 31st March. Such payments will continue for years to come – until the 2030s!
This money could and should be used to maintain and expand public services and provide a desperately needed stimulus to the depressed economy. For example, €3.1 billion would cover the cost of running Ireland’s entire primary school system for a year.
We call on the government to immediately suspend these repayments and to enter into negotiations with the relevant parties, including the European Central Bank – to ensure that this unjust debt is written down.