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Call for Ireland to stand up to the ECB

Monday, April 07 16:03:29

Social pressure group, Debt Justice Action, today launched a campaign urging Irish Central Bank Governor, Patrick Honohan, to "do the right thing" and stand up to the European Central Bank.

The group is a coalition of community, trade union, global justice, academic and faith-based groups that hosts the Anglo: Not Our Debt Campaign.

Its statement comes in response to pressure from the European Central Bank, communicated today through its Annual Report, that the Irish government's decision to convert the Anglo promissory notes into sovereign bonds with a longer repayment period raises "serious concerns" in relation to the monetary financing of states.

The ECB further indicated that its concerns may be "somewhat" mitigated through the "disposal strategy" ie: the sale of the bonds on the international markets, which the Anglo: Not Our Debt campaign reads as pressuring the Governor of the Irish Central Bank to sell the bonds more quickly than planned.

Nessa Ni Chasaide of Debt and Development Coalition Ireland said, "the Anglo: Not Our Debt campaign is and always has been opposed to the socialization of the debts of the Anglo debt. The problem is not whether the Irish government is contravening EU law in paying for the the bonds over a period of 39 years, but that this debt is the responsibility of the people of Ireland at all."

Dr Marie Moran of the UCD School of Social Justice commented "Governor Patrick Honohan should resist ECB pressure, freeze the sale of the Anglo bonds with a view to negotiating a full write-down of this odious and illegitimate debt. The events leading to the socialisation of the Anglo debt are under criminal investigation. It was never our debt and it should not be paid."