Anglo debt amounts to €8,000 for every adult

November 24th: Trade union Unite has endorsed the motion being tabled by the Dail Technical Group this week.  The motion calls for the destruction of the Anglo promissory note bonds. Those are the debts that the government converted to sovereign bonds.

Commenting, Regional Secretary Jimmy Kelly said:

“Unite has consistently argued that we need to break the link between banking debt and state debt, and this motion is one step along that road.  The Anglo debt is a major component of our official bank debt, amounting to €8,000 for every adult in the state.

“Ireland is swimming in debt – public debt, household debt and business debt.  We need to take action to reduce this debt burden if the economy is to recover.  The first step is to shrug off private speculative debt that people have no responsibility for and should not have to pay. That is why Unite is fully supportive of the motion being tabled by the Technical Group next week”, Mr Kelly said.

Unite researcher Michael Taft said:

“Extinguishing Anglo Irish bonds would have no impact on financial markets since these are exclusively held by a public agency – the Central Bank.  In fact, removing this debt would aid recovery and international confidence as this would lower the debt burden on the economy which – along with household and company debt – is depressing domestic activity.  The motion from the Technical Group is a pro-growth, pro-employment measure”.

ENDS

For further information contact Alex Klemm (press office), Tel. 087-2606139