THE BANKS:SIPTU PRESIDENT Jack O'Connor urged the Labour Party not to look to Fine Gael when seeking support for its economic policies.
He claimed that the Government's plan for the banks was designed to rescue them from the ravages of the free market, adding that the principle of fairness and justice was required to develop economic and social development "It is absolutely imperative that we join with all the progressive forces in society to assert this principle over the medium and long-term," he added.
"And, incidentally, in that regard, do not look to Fine Gael to bring that about . . . because despite all the seductive potency of this language of change, the reality, when you strip it all down, means more of the same by a different name."
To loud applause, Mr O'Connor said the reality for any working person, or those with a commitment to civil society, was that "shifting the allegiance from the PDs and Fianna Fáil to Fine Gael was the political equivalent of leaping from the frying pan into the political fire".
In a strongly-worded attack on the banks, Mr O'Connor congratulated Labour in not allowing itself to be blackmailed into joining the stampede to sign the Irish people up to "probably the biggest unconditional gilt-edged guarantees they were ever signed up to at the behest of people in our banking system".
Mr O'Connor said that the same banking people had insisted over the years in the "brutal application of the unfettered free market rules" in every aspect of the lives of ordinary working people. There was no question of accountability, on the part of the bankers, about their role in bringing the economy to near ruination, he said.
Party finance spokeswoman Joan Burton said that a sound and stable banking system was one of the sinews of any modern economy. "Governments everywhere are injecting equity into their banks. Brian Lenihan's 'Farmleigh formula' is to invite private equity funds, such as the Carlyle Group and JC Flowers to rescue the Irish banks," she added. "This is like being rescued from a whale by a shark."
Ms Burton said that both the National Treasury Management Agency and the pension fund could be the vehicles for State investment in Irish banks. A public bond offering could allow citizens to invest in Irish banks, she added.
Calling for a fair and equitable tax system, John Feely (Roscommon-South Leitrim) said that it was currently designed to facilitate the wealthy, so that they could minimise their tax bill.
