O Cuív tells carers bank bailout prevented catastrophe

A DEFENSIVE Minister for Social Protection stoutly defended the Government’s bank bailout against criticisms yesterday and told carers and their families the collapse of financial institutions could have been catastrophic.

In a surprise justification for putting funds into banks rather than in his own department, Minister Éamon O Cuív yesterday said the failure to support deposits and bondholders would have been incalculable.

He admitted a lot of people were questioning the Government’s financial support for the banks rather than for carers, pensioners or those on social welfare.