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WHY HAVE THE banks been given a free pass by this government to do as they please?
That was the question TD Pearse Doherty asked during his speech at the opening of his party’s Ard Fheis in Derry this evening.
The party’s finance spokesperson said while some say arrogance in banking is reemerging in Irish financial institutions, in his opinion, it never left.
His comments come as group CEO of KBC bank Johan Thijs had to issue an apology for describing the Irish tracker mortgage scandal as “annoying”.
Thijs made the comments yesterday during a conference call following the announcement of the bank’s third quarter results.
He had called on the Irish regulator to move on from the scandal and insisted the bank had learned from its mistakes, saying that the lender had set aside €14m for an expected fine from the Central Bank.
“What is still an annoying thing is all tracker mortgage stuff. Honestly, I would recommend to [the] Central Bank of Ireland: come on, guys, turn the page,” Thijs said at the time.
This evening, he issued an apology.
“He described compensation for the more than forty thousand affected families – some of whom lost their homes – as an administrative burden.
“In those words he displayed the contempt banks have for customers,” he said, adding that the toxic culture within Irish banking hasn’t gone away.
“But why would they when the banks have been given a free pass by this government to do as they please?
“Only Sinn Féin will take on the banks, hold them to account and stamp out the rot at the core of our banking system. We will start by making sure they pay their fair share of tax,” said Doherty.
Election pledges
The Donegal TD used the speech to make some election pledges to its members, stating that his No Consent, No Sale Bill “would stop banks from selling family homes to vultures without the consent of mortgage holders”.
The Bill, which aims to ensure that a voluntary code that banks sign up to which states that customers must be asked and give consent before their loans are sold on to vulture funds is put into law.
The proposed law has been opposed by government as well as the Central Bank.
“We would end the tax break for bailed out banks that was introduced by the Labour Party and Fine Gael in 2014 and which has been kept in place with the support of Fianna Fáil.
“This tax break has allowed AIB, Permanent TSB and Bank of Ireland to pay no corporation tax at all. At the same time, the public pay over one billion every year to service the massive debt these banks saddled us with, yet they enjoy a tax holiday while enjoying massive profits,” he added.
If in government, Sinn Féin would end the “insurance rip-off” by banning dual pricing, and would close tax loopholes, he said.
Sinn Féin would also increase the minimum wage by €2.50 an hour to €12.50 and abolish student fees.
Doherty also highlighted the issue of a long-time tax credit used by many workers is due to end next year. It caused some controversy earlier this year when Revenue first announced that the flat-rate expense claim was to end.
“Over six hundred thousand low and middle-income workers are on course to see their pay cut when flat-rate expenses to cover the cost of equipment are slashed in January. This is Leo’s Republic of Opportunity,” said Doherty.
Other election promises included the introduction of a wealth tax that would impact 0.25% of society as well as free transport for those under 18.
The Sinn Féin Ard Fheis continues tomorrow in Derry, where members are to debate issues such as Brexit, Irish unity as well as other matters like 5G coverage.
The party membership will also vote on whether Michelle O’Neill should remain on as vice-president of the party. John O’Dowd has put himself up for election to take her seat, though it is widely expected that O’Neill will remain the deputy leader.
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Back to basics Christmas it is. Buy books and plenty of them. Buy gifts from people who make fantastic products at home. Visit the country markets and actually help people.
@Chris E Clancy Wilson: how can you visit country markets when there are none due to the virus?
@Chris E Clancy Wilson: Sound advice! Couldn’t agree more.
@Kieran Stafford: Country markets are back on, they are in my home town.
runaway consumerism should be discouraged.
This Christmas binge of buying is unjustifiably bad for the environment and for your soul.
@john doe: On the flip side, it is also good to have a mid winter celebration. When the days are at their shortest and the cold weather seems like an interminable winter, mental health is/should be a priority. Gift giving benefits both the giver and the receiver. The sense of caring and being cared for is a huge lift to the spirits. Christmas also bring families together for a few days. There is a sense of continuity in this annual gift giving tradition. Yes, perhaps in recent times the amount of money spent has been growing out of all proportions, so a cut back is necessary. But don’t forget, after the financial losses of the lockdown, a lot of businesses will need Christmas to keep afloat. Suggestions here of local markets, books etc are excellent. Forget the tat of crackers etc.
Turns out truck drivers are valuable after all. Pay us properly and not minimum Wage and we’ll even bring you Xmas.
@Mjhint: agree, when stobarts came in to this country they fked it up for drivers. They need to be paid a proper wage for the job that they do.
@Mjhint:Loads of drivers exited the industry due to the low pay and long hours, Now the same companies that treated us like crap are panicking and now are offering what should have always been a proper wage.
Also since the crash the amount of agencies that sprung up and big companies using them also lead to drivers leaving the industry due to zero hour contracts.
Buy local! I don’t mean goods because I appreciate they for the most part are cheaper online but support your local pubs, restaurants etc by getting vouchers! That’s what I’ll be doing
@Vlad Eire: no, I always get pints from amazon
@aperally: just get sloshed at the local pub and buy nothing else :-)
While this is always a good idea, it’s “particularly important”.. to whom? Will anyone drop dead if they cant get xmas presents? Or you mean its important to the head of the businesses?
Awh mindless consumerism! How I missed you!
Newspapers full of sly advertisements disguised as ‘journalism’. Vogons buying their new iPhones and latest consoles.
Oh,the sound of desperate shoppers whooshing through Dublin’s streets to buy that Pandora for their best frenemies. Pretensy poor people talking about how broke they are, while holding a 5euro starbucks smokeyfrappachachachino. Oh,the frightened look of retail staff, imagining a hundred different ways to finish off the ever so polite customer who just threw money at them.
Oh, and don’t forget peeps. Just to insure xmas will merry and bright,you gotta get yourself a new penneys pjs!!. A better one than the previous 17 assembled humbly by kids just for your pleasure. Oh, and make sure to hit a pound shop,smyths,carrols,dunnes for some wonderfull ‘irishmade-lol’ plastic yoke no one knows the function of. Oh and another collection of xmas lights.
And you will sure have a blessed xmas. It truly is a blissful holiday full of fun and laughter.
Ya have fun boys and girls..
@GaMran: grow up
@Robc: calm down;)
@GaMran: Christmas in your gaf must be some craic
@GaMran: every single thing you said is true. My ideal Christmas present is to get cash or books preferably books or vouchers to get books and like to give cash or vouchers let my family make up their own minds rather than me buying them some useless Chinese tat.
@: how about how unimaginative. I love getting and receiving presents that a bit of thought has been put into.
@GaMran: Jaysus Grinch what rattled your cage this morning. You buy and do what you want leave others to do the same. A bit of fun and laughter wouldn’t do you any harm!
@GaMran: Bah Humbug Ebenezer.
@IamEggBot: oh it is. We laugh and laugh. Mainly cause we understand the value in life. Being together and having people in your life. Being healthy. Family and friends. Not about material cr@ps. Also I was just having a bit of fun here that is all;)
@Liz O’Neill: ah the usual smart comments. Thanks Liz.
@Franny Ando: thats exactly what I was having. Thanks! I didnt force anyone to not buy stuff or do as I say. Don’t know where you got that from. Simple observations that is all. Some people enjoy it,some nit so much. If you disagree thats cool. I love xmas btw. Not the grinch, sorry;)
@EillieEs: unimaginative to you. Maybe they do other creative stuff. You dont know that.
@GaMran: or nothing at all. Remember, it’s the lack of thought that counts
Good to see the art of Fear mongering is alive and well after the pandemic! At this rate, they’ll be advertising Christmas on Valentine’s Day in 2022. Costs are rising everywhere. Christmas is the least of people’s problems in Ireland.
@Mike Ruddy: too true. 6 months of a winter looming and the kids just back to school. Many I suspect are more concerned about books, uniforms, voluntary contributions and a warm home!!
@Mike Ruddy: True. I’m looking forward to Hallowe’en and I don’t want to read another article about Christmas until at least November.
I’m skipping every such article for the next two months. If retailers don’t have items in stock, all the more reason not to panic-buy in September. As for lead times, I think we’re well used to delays by now. I’ve developed the attitude that I’ll look forward to opening whatever, whenever it gets here, and appreciate it.
Ok now we dont have small children anymore so I can understand the feeling of panic there, if you overdo it anyway!
With the lockdown last year we decided as a family no presents but a good Christmas Eve meal and Christmas day lunch, evryone contributed something and it was the best ever!
No hassel trying to buy presents we hoped would be ok, we had a lovely time!
Will be aiming for the same this year! Its very easy to get trapped in consumerism!
@Julie Grey: That sounds lovely! Hope you guys can keep your new tradition going.
Buy early for Chritmas!!!! They only just out out the Halloween bits!
@Joe_X: *put out*
@Joe_X: was chatting with a mate in the supply chain business. He said order now or it may be too late. Madness.
Halfords commenting, absolute joke. Prior to COVID/pandemic, I tried to buy a bike for my son. I was told by the shop manger(Liffey Valley Retail Park) that there’s a 3 week waiting list as they cannot afford to hold stock in Ireland. They only have display bicycles delivered to stores in Ireland.
@Robc: oh grow up;)
@GaMran: Why are you telling everyone to grow up
@Chris E Clancy Wilson: heya. I did’t tell anyone to grow up. Only this dude here. I thought I try myself and understand what fun is there in commanding someone to grow up. Does it bring anything to the conversation. I’m only doing what he does normally when people disa
It will be interesting what the Toy Show looks like this year…. “get this great toy at Smyths. Oh wait, they are out of stock.”. “get this great game at (wherever….). Oh sorry sold out since September.”.
Could be a fairly grim show based on this article LOL….
@Seeking Truth: it’s an awful show lately
Just order online, sure small business is a thing of the past. It’s too dangerous to go outside now with Covid-19. Best just stay inside and live a worthless pointless life like they want you to do.
Lot to be said this year for Kriskindle.
Has the pandemic taught us nothing .we didn’t miss stuff this last 18 months .we missed people and connection. Generation green don’t want mass produced plastic ,them want the gift of time together and creating traditions .
A h here.. Now f C é k ó f f w I t h X M a s
Don’t forget to pay your Fianna geal vampire home tax first before you buy any pressies ,
Christmas is cancelled
The retail industry is urging Irish consumers to go prematurely crackers.
Yet the price increases were not mentioned must be a sponsored article AGAIN
After the uncertainty of the last while, I’ll be cutting back on Christmas presents. Kids will get their toys and that’s it. The days of me over spending and being broke in January has to change
This message only SEEMS toxic by a range of 1.5-2.4 depending on the first number inserted.
Way to go algorithm!!!
[ejet]
Most capitalist think piece ever.. “hurry up and buy for Christmas NOW!”
Make a conscious effort to not buy Made in China this Christmas
The first verse of “September 1913 (by W.B. Yeats) seems apt for this article.
If print money price will go up reason we did not have inflationary time last 10 years after crash was all China working around clock for small wages. Now running out new people so welcome back to stagflation on 70s before China
have your say