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.

The State could procure these banks, ensuring they operated with a new social enterprise ethos.

The profits from these banks could then be used over a long-term period for investment in social services and their activities could be regulated properly.

The ‘casino capitalism’ ethos within Irish banking must cease forthwith.

By bringing these banks into public ownership we can ensure that from now on, Irish banking puts the public interest first.

Gary Honer

National Chairperson

Labour Youth

17 Ely Place

Dublin 2