Speaking this evening in the Dáil Motion on the Bank Bail-out and EU-IMF, Labour Party TD for Clare Deputy Michael McNamara said that a permanent bail out mechanism will require a referendum in Ireland.
Deputy McNamara pointed out however, that the referendum proposed by the Dáil technical group of 13 independent TDs would be meaningless as no viable alternative method of funding the State’s day-to-day activities has been put forward.
He said: “Were a referendum, as proposed by the Technical Group, to be held now and were the Irish people to reject the bank-bailout, which I do not accept we would, it would change nothing.
Criticising the Technical Group who proposed a referendum, Deputy McNamara asked: "How do the proposers of this motion suggest that we would continue to pay our Gardai, our teachers, our nurses? How do they propose that we raise the funds to maintain the weakest in our society in the dignity their humanity demands? They don’t. As our banking system is reliant of short-term funding to the tune of €120 billion from the ECB to continue to function, how they propose to ensure that ATMs across the State continue to function? They don’t.
The Clare Labour T.D. added: “It is undeniable that a permanent bail-out mechanism widens the scope of Union powers beyond the general framework created by the provisions of the Treaties as a whole and, in particular, by those that define the tasks and the activities of the Union – and therefore will require a constitutional convention and subsequent ratification by each member state according to their national legal framework – which in Ireland means a referendum.
“The form of the permanent bail-out mechanism will determine whether the tax-payers of member States, this State or another, will be required to guarantee the gambling debts of renegade banks, with tax-payers throughout the European the ultimate guarantors of those debts.
“We must ensure that such a profound change to the European Union mechanism is not put in place and, I believe we will find ready allies in this task across the European Union. That is the diplomatic battle with which this State must now engage and we must prevail”, Deputy McNamara concluded.
Deputy McNamara pointed out however, that the referendum proposed by the Dáil technical group of 13 independent TDs would be meaningless as no viable alternative method of funding the State’s day-to-day activities has been put forward.
He said: “Were a referendum, as proposed by the Technical Group, to be held now and were the Irish people to reject the bank-bailout, which I do not accept we would, it would change nothing.
Criticising the Technical Group who proposed a referendum, Deputy McNamara asked: "How do the proposers of this motion suggest that we would continue to pay our Gardai, our teachers, our nurses? How do they propose that we raise the funds to maintain the weakest in our society in the dignity their humanity demands? They don’t. As our banking system is reliant of short-term funding to the tune of €120 billion from the ECB to continue to function, how they propose to ensure that ATMs across the State continue to function? They don’t.
The Clare Labour T.D. added: “It is undeniable that a permanent bail-out mechanism widens the scope of Union powers beyond the general framework created by the provisions of the Treaties as a whole and, in particular, by those that define the tasks and the activities of the Union – and therefore will require a constitutional convention and subsequent ratification by each member state according to their national legal framework – which in Ireland means a referendum.
“The form of the permanent bail-out mechanism will determine whether the tax-payers of member States, this State or another, will be required to guarantee the gambling debts of renegade banks, with tax-payers throughout the European the ultimate guarantors of those debts.
“We must ensure that such a profound change to the European Union mechanism is not put in place and, I believe we will find ready allies in this task across the European Union. That is the diplomatic battle with which this State must now engage and we must prevail”, Deputy McNamara concluded.
