Campaigners Call for Halt to Anglo Debt Re-Payments
A new campaigning network of local and global justice organisations, Debt Justice Action, has today called on the government to stop paying the debts of the former Anglo Irish Bank / Irish Nationwide Building Society (INBS). The campaign group – encompassing a strong and unique coalition of representatives from the trade union, community, faith-based, global justice, environmental and academic sectors – argues that the debts of these now state-owned institutions are not the responsibility of people in Ireland. Their new campaign – Anglo: Not Our Debt – is calling for the suspension of Anglo/INBS repayments as a first step towards renegotiation and writedown of this unjust debt. The bulk of the re-payments are government issued “promissory notes” – a promise to pay money in future – to Anglo/INBS which will cost Ireland over €30 billion during the next 20 years.
The campaigners assure people that the suspension of Anglo payments would not spread contagion through the European financial system as most of the Anglo debt is owed to central banks and Anglo is an isolated problem from the so-called ‘pillar’ Irish banks [1]. Jimmy Kelly, regional secretary of the UNITE trade union, said, “This debt can be written off. All that is needed is the political will to make it happen. That depends on our government negotiating proactively and responsibly on behalf of its people.” He continued, “This action would draw a line in the sand against reckless lending practices, save billions of euro belonging to people in Ireland, and have no negative repercussions for ordinary people in Ireland or elsewhere. Our demand is feasible and winnable”.
Dublin Community worker John Bisset highlighted the consequences of the proposed cutbacks for already deprived communities. “That such pain should be inflicted on those who are already most marginalised, while the gambling debts of zombie banks are paid off, including the unsecured Anglo bond of €1.25 billion falling due on 25th January, is unconscionable” said Mr Bisset [2].
The campaign is calling on the government to open negotiations with the Irish and European Central Banks, who bear co-responsibility with the Irish government and the Anglo bankers for the creation of the unjust Anglo debt. The campaign proposes that all payments to Anglo creditors should be suspended pending negotiations until a write down of the debt is agreed.
Tom McDonnell, economist with independent think-tank TASC, is providing technical advice to the group. Mr McDonnell said, “The promissory notes will cost over €20 billion over the next 7 years. Ireland’s debt dynamics are currently on a knife edge. Halting the promissory note re-payments would help bring Ireland’s debt burden toward a sustainable path.”
Nessa Ní Chasaide of global justice organisation Debt and Development Coalition Ireland (DDCI) said “the unanimous message of campaigners in Africa, Asia and Latin America is that ruining whole societies to repay illegitimate debts is wrong and unworkable – a solution must be based on cancellation of illegitimate debts that ensure lenders are held accountable for their mistakes, rather than sacrificing people’s rights to fear of financial markets”. She highlighted “Latin American countries experienced ‘lost decades’ of development due to the failure of lenders to accept the unsustainable and illegitimate nature of many debts. But some indebted countries have taken effective action. Ecuador, after auditing its national debts, suspended some debt repayments in 2008, showing debt reductions are possible.” Ms Ní Chasaide called on the Irish government to apply principles of fairness and sustainability to cancelling debts of countries in the Global South today and to support internationally binding just and responsible lending practices to prevent similar debt crises emerging anywhere in the world in the future.
Debt Justice Action is launching its campaign today (Wed 18th) at 11am at the Central Hotel, Exchequer St, Dublin and will hold a public meeting at 7pm in the Teachers Club Parnell Square Dublin on Tuesday 24th January. The campaign is calling on people around the country to make their voices heard in support of the campaign.
Well done an the website, its great job. Fair fucks lads,
do you have a way (apart from just trying to get on the td’s) of showing support???
Good job! where do we sign up for support this move?
It’s time to start waking up Ireland, our country is being destroyed, older are people being forced out into the community (where community care is being slashed). The Programme for Government should have been entitled, The Programme for Recouping Investors Beaten Dockets. We need to do more than just contact our T.Ds. It’s time for real action.
Dear Debt Justice Action,
Well done and thank you for forming what is an extremely important coalition for the popl;e of Ireland – and so desperately badly needed. the website information is also extremely useful. Please add my email address to your active supporter/newsletter database. It would be great to see the list of organisations involved.
With congratulations and very best wishes with your work
Sinead
Thanks to contact.ie it’s now really easy to contact all td’s and senators by email – over 100,000 people sent emails yesterday. #NotOurDebt Don’t pay UNSECURED Anglo bondholders €1.25bn this week. Campaign began yesterday http://www.contact.ie/debt
Well Done and good luck,
How can we force our powers that be to change their disastrous policies. I voted on the words of Leo Varadker who said ‘not another cent to Anglo’ or words to that effect, Please keep us all informed as to new strategies that could persuade or force change to common sense
Best of luck with this.The sooner we decide that the austerity measures won’t work the better. All we will be doing is chasing down the slump. I agree that we need to be more prudent in our spending, and since domestic rates were abolished in 1977 we have been dipping into our future pockets, but with Anglo sucking the marrow from our bones it’s time to call a halt now!
We have to take power back and stop these payments now
The debt by anglo and indeed other banks is a debt created by a private industry in our country and in Europe. If I invest in shares and they lose value, I take the hit. If I back a horse in Paddy Power and it is a loser, I take the hit. If on the other hand I want a public service, I pay for it through tax. Bailing out banks is not a public service. It is rewarding private industry and private citizens for private failure. Why should I pay for it through tax and other austerity meassures.
This fiscal madness has to stop now. It does not matter whether it was started on Fianna Fail’s watch or not. The dogs on the street know that there was no effective regulation by the last financial regulator who incidently stated on national television that the banks in this country were solvent. He was rewarded for his brilliance.
There is no logical fiscal reason why a dead bank such as Anglo should still be getting billions from the state. Its dead. Its never going to become alive again. Turn off its life support machine. I call on Enda Kenny and Michael Noonan to stand up to Europe and the banks, and work for the citizens they represent. Enough is enough. Stop it now.
Well done, at least someone out there is trying to do something.
This is great news and exactly what Ireland needs. How do I join and can anyone attend the meeting next Tuesday
Yes, all are welcome on Tuesday. The meeting will give people a chance to learn and share ideas about how to support the campaign.
See you there!
- Nessa
Its time for the people of this country to speak with one voice, we obviously cant depend on Government to do this for us at this time. Congrats to all for setting up this group & forum. We need leadership.
We need to do something totally different from the norm . Marching is an acceptable protest for politicians as the day after it generally has no further affect ; unless of course a million man [ woman ] march can be organised ! The politicians can wait out most protests . So get the brains working and come up with something really effective . We are being walked on and we accept it . How much more can the fabric of Irish society be torn apart before we finally say “Stop ,! Enough ! We are the sheep of Europe . This injustice would even raise eyebrows in the most corrupt of countries , so what does it say about us /
Well done to all involved on this initiative and on press coverage (Irish Times,. Guardian and Pat Kenny RTE Radio 1). Couple of comments:-
1. Faith communities – as a Christian Catholic I’m disappointed at lack of vocal support for debt forgiveness from institutional church. Can Nbtourdebt coaltion partner of faith consider putting pressure on Irish bishops via Justice and Peace commission to promote the campaign, e.g coverage in parish newsletters. I’ll be taking this up with Archbishop Martin in Dublin Diocese as an indivual, but feel that faith organisations in coalition may carry more weight.
2. Public need to be offered, guided opportunity for effective action. So please consider putting a Petition Page with a succinct message that the public could sign online ; and have it directed to Government ministers, TD’s, MEPS. Other NGO website have similar campaigning petitions (e.g Amnesty International)
3. Have you considered bringing in the Irish OCCUPY movement into the coalition
Best wishes,
Aidan
Well done everyone. Look forward to the meeting and giving support. Think it useful for people to also read the following article from Karl Whelan (UCD’s Economics Dept). It helps us focus on the real issue of how the Central Bank’s ELA works. Though I’d still also be supportive of not paying the last €5b “owing” to the bondholders.
read..http://www.businessandfinance.ie/bf/2011/12/commanalyde2011/timeforadealwithsupermario
Time for a deal with Super Mario – Business & Finance
http://www.businessandfinance.ie
Debates about burning bondholders who have already been repaid misses the point. It is all about promissory notes, writes Karl Whelan.
Does anybody know what the overall bill is to the citizens of Ireland if you include Nama ? I do not wish to include any possible income from a firesale of assets as that income is obviously unknown .We all know [ even the ostrich that is our government ] that the bill is unpayabe anyway , but in the meantime we just get screwed ! And we just take it . WOW ! What a nation .