Nationalise banks and end ‘casino capitalism’

A STRONG economic case now exists for the nationalisation of a number of leading Irish banks in order to restore public confidence, protect taxpayers and to ensure that the present financial crisis leads to radical change in our economy.

It would cost an estimated 4.5 billion to take Bank of Ireland, Allied Irish Bank, Irish Life & Permanent and Anglo-Irish Bank into public ownership — this represents a sound and shrewd investment for the taxpayer.

At present we have a scandalous situation in which the taxpayer has guaranteed all deposits in Irish banks without any security on this guarantee. A fundamental change in our banking system is required.