Local view for "http://purl.org/linkedpolitics/eu/plenary/2015-01-15-Speech-4-054-000"
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"en.20150115.8.4-054-000"2
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"Madam President, firstly congratulations to the Ombudsman on her reappointment: she is worthy of the position.
Ombudsman, I would like to bring to your attention a matter that has been totally ignored by the Irish and the European media: the destruction of thousands of millions of euros. It began in March 2011, when three billion was destroyed, and resumed last year with the destruction of a further one billion in two tranches of 500 million each. This obscenity is the legacy of the bail-out in 2010 of the failed institutional investors in two failed non-systematic Irish banks. It served its purpose, bought some time for the euro, prevented the onset of the feared contagion had those banks been allowed to fail.
There was a fall-out, however. The insistence by the ECB that, because the Irish Central Bank printed that money, that must now be taken back into circulation. So you have this obscene situation where a broke, hugely indebted country, where the austerity programme has already wrought havoc, especially among those who can least afford it, is forced to borrow thousands of millions to destroy. The social repercussions of the bank bail-out cost in Ireland have been horrendous: record numbers lying on trolleys; growing numbers suffering from depression; growing numbers taking their own lives; a quarter of a million emigrating. I ask you, please, as a priority, to have a look at this abomination. You talk about confidence in the European institutions; people in Ireland cannot have confidence until this changes."@en1
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