TAOISEACH Enda Kenny has defended his Government’s decision to close down Anglo Irish Bank, saying a deal with Europe would help Ireland into the future.
Under the plans the banking debts will become sovereign debts and be paid off by Irish taxpayers over the next 40 years through Government bonds.
Mr Kenny however said the disappearance of Anglo Irish Bank and Irish Nationwide from the Irish financial landscape was “long overdue”.
He said they had become emblems of cronyism in the country and “a dent in our national pride.”
The suffering of the Irish people has been made much worse by the debt of the likes of Anglo Irish Bank, said Mr Kenny
He pointed out that without banking costs, Ireland’s sovereign debt levels would now be below Germany’s.
Enda Kenny said there was now an opportunity for the ECB to act to help Ireland’s economic recovery.
He said the end of IBRC would mark the end of a dark chapter in Irish political history.
Tánaiste and Labour leader Eamon Gilmore said the legislation will do what should have been done on the night of the bank guarantee.
The Government believes that the deal will spread debts over a longer period of time, making budgets less harsh in the years ahead.