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Taoiseach Enda Kenny Laura Hutton/Photocall Ireland

Taoiseach admits his own deadline on bank debt deal will be missed

Enda Kenny’s comments came prior to those of the European Commission president Jose Manuel Barroso last week where he appeared to rule out any retrospective bank deal.

TAOISEACH ENDA KENNY has admitted that his own target for Ireland getting retroactive recapitalisation of its banks will not be met but insists that he still expects something to happen in the latter half of next year.

Kenny’s comments came prior to those of the European Commission Jose Manuel Barroso who last week appeared to rule out any use of the new eurozone bailout fund retrospectively.

In a briefing with journalists last week, Kenny said that much will hinge on the setting up of a banking union in the eurozone with a European Council summit agreeing the broad framework of the new system last week.

Irish officials have played down Barroso’s comments and continued to insist that the currency bloc’s permanent bailout fund, the European Stability Mechanism (ESM), can be used to deal with the State’s legacy debt.

Last week, the Taoiseach pointed to the historic 29 June 2012 agreement, where leaders agreed to break the link between bank debt and sovereign debt, and insisted that this had acknowledged the unique circumstances of Ireland which bailed out its banks in 2008.

“The decision is clear and stands. I always say that the European Council should follow through on the decisions it makes,” he said.

Ireland has been pushing for the use of the ESM to retrospectively recapitalise its pillar banks AIB and Bank of Ireland which received billions of euro in State funding at the height of the financial crisis.

But Kenny said that nothing can be done until banking union is in place saying this is “quite a complex issue”.

“Ireland obviously had to borrow very extensively when this happened in the first place,” he said. “That’s why Ireland is mentioned specifically in the decision on the 29th of June [2012] and that has been recognised by a number of influential European leaders.”

Asked if a deadline of June 2014, that he had previously mentioned, would be met, Kenny admitted that it will not be.

“I wouldn’t think it would be met, no. I always said in the latter half of 2014. Now, look I may be wrong here, when you sit around the table with 27 others, complications can arise from any point.”

“So, I would like to think it could get to a point where our issue of what happened in Ireland’s case in terms of the possibility of recapitalisation could be on the table.

Kenny said that despite Ireland’s improving economic position its national debt remains high at 122 per cent of gross domestic product and he hopes this will contribute towards recognition of the State’s circumstances.

He added: “So, you know, while people would have said: ‘These things cannot happen’. Whether it be about the promissory note or the extension of loans or the reduction in interest rates – all these things eventually did take place and were followed through.”

In full: Taoiseach tells EU leaders it ‘remains imperative’ to split bank and sovereign debt

Taoiseach in 2012: Deal on Irish bank debt ‘can be reached before 2014’ – Kenny

Taoiseach in 2012: Bank debt deal will be dealt with by Finance Minister next year

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23 Comments
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    Mute Twitruser2022
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    Jun 2nd 2022, 6:13 AM

    Typical HSE mis-management BS, can’t even process a small bonus efficiently, needs to have red tape wrapped around it.
    Would somebody ever do a cull of all the chaff that’s employed there, how many layers of management is actually needed? The real workers such as nurses and doctors and health care assistants and porters are constantly getting shafted by management.

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    Mute Stephen Barry
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    Jun 2nd 2022, 6:49 AM

    Not to mention the catering staff who have to work over 70 hours a week in wards and they’re the ones that didn’t get it, in one hospital!!

    192
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    Mute C
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    Jun 2nd 2022, 7:59 AM

    I bet you all the staff would prefer a well organised, well managed, zero religion health care system with just one administrative HQ, a unified IT system, one set of digital of patient records, one x-ray IT system, doctors with reasonable hours, closed consultancy positions, the return of the matron, a HR group that can fill a vacancy in quickly and fill better ways to fill vacancies than hiring locum doctors and firing them before they get permanent employee status and so on and so on over a €1,000 bonus. Depressing really.

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    Mute Dave Harris
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    Jun 2nd 2022, 8:44 AM

    @C: yes we would – except for the return of the matron which would be a backward step

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    Mute C
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    Jun 2nd 2022, 4:13 PM

    @Dave Harris: I don’t agree. They were the ward managers and they were very good at managing the wards, nurses, even the doctors and they ensured everything was done properly, everything was clean etc. That management is missing.

    15
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    Mute Bertie
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    Jun 2nd 2022, 8:08 AM

    More like they are still trying to find ways to disqualify more people from getting it.

    119
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    Mute GrumpyAulFella
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    Jun 2nd 2022, 9:23 AM

    @Bertie: or every Tom, Dick and Henrietta are putting their hand up for it I should imagine. I’m sure the unions have their members backs.

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    Mute der Fussballmeister
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    Jun 2nd 2022, 7:54 AM

    The people in test and vaccine centres at all levels have earned it. Really appreciated their efforts.

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    Mute Brendan Gordon
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    Jun 2nd 2022, 8:08 AM

    @der Fussballmeister: and yet we were the only people who were literally just doing our jobs, and knew exactly what we were getting into from the start. Don’t get me wrong, my greed is winning out and I’m taking the money, but I feel like I was well compensated for my work.
    The bonus payment does take a little sting out of the corrupt managerial bullshit I had to deal with though

    52
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    Mute Becca Laste
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    Jun 2nd 2022, 8:57 AM

    @der Fussballmeister: I worked as a swabber from November 2020 to last month and we haven’t recieved it.

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    Mute Fiona Fitzgerald
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    Jun 2nd 2022, 12:20 PM

    @Becca Laste: Thank you both, you all made a stressful time less hard.

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    Mute Epgenetics29 Declan Christy
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    Jun 2nd 2022, 7:52 AM

    Mater Private hospital made €220,000,000 from a Covid related government contract; staff dealt with Covid patients on wards.

    Staff got zero €. Consultants? Well that’s a another story. Disgraceful stuff, constantly changing management and using it as excuse among many others muted for not looking after a staff that to be honest isn’t many people who are full time. Moral is on the ground and the discourse is sullen to say the least.

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    Mute SkylineSi
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    Jun 2nd 2022, 11:42 AM

    @Epgenetics29 Declan Christy: any proof for that claim?

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    Mute Epgenetics29 Declan Christy
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    Jun 2nd 2022, 12:25 PM
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    Mute Ciaran bolger
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    Jun 2nd 2022, 4:45 PM

    @Epgenetics29 Declan Christy: the article clearly states that the one group that was NOT paid were the consultants. Yet you single out consultants in your comments, why? Senior management that were paid not mentioned by you??

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    Mute Robert Johnson Fagan
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    Jun 2nd 2022, 7:50 AM

    1000 euro!! Wow!! Amazing!! I wished I risked my life working in the front line instead of working at home. The appreciation of this staff is so overwhelming

    49
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    Mute Pat Ryan
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    Jun 2nd 2022, 10:16 AM

    @Robert Johnson Fagan: I bet you do! You could have worked as a swabber on your days off if you wanted it that much. Why didn’t you?

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    Mute Daniel Andrews
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    Jun 2nd 2022, 4:41 PM

    @Pat Ryan: that went completely over your head Patsy

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    Mute Mary Nugent
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    Jun 2nd 2022, 8:18 AM

    If they were over payed it would have to be paid back pronto.

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    Mute Dave Harris
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    Jun 2nd 2022, 8:48 AM

    We were promised a payment for being stranded at work during the beast from the east snowstorm. It literally took 1 year for us to get it. Pay us the bonus, or don’t pay it- just stop all this faffing about

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    Mute Will Roche
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    Jun 2nd 2022, 9:35 AM

    Can we not get the head of the DAA to sort this out? He seems to be able to fast-track himself through security so fast tracking this would not be an issue for him.

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    Mute Dave Barrett
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    Jun 2nd 2022, 7:50 AM

    Disgraceful and disgusting behaviour.

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    Mute ChronicAnxiety
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    Jun 2nd 2022, 9:04 AM

    A lot of Junior medical staff change hospitals every 6 months, some every 3months,- they will be moved to hospitals who will have already paid the bonus to their staff, and so will be excluded from the payment.

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    Mute Murray Mitchell
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    Jun 2nd 2022, 11:13 AM

    Wonder when the government are going to acknowledge the contribution of the country’s truck & bus drivers who worked long hours at the height of the pandemic to ensure other essential workers got to work, and made sure the general population were able to buy food and fuel.

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    Mute Epgenetics29 Declan Christy
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    Jun 2nd 2022, 12:24 PM
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