Date Released: 03 November 2013
SIPTU President, Jack O'Connor, has welcomed the support by Fianna Fáil finance spokesman Michael McGrath for the establishment of a Strategic Investment Bank. He said that following the Government’s welcome introduction of a strategic investment fund it should now be followed by the establishment of a Strategic Investment Bank using the branch network of ACC bank.
“We welcome the call by the Fianna Fáil finance spokesman for a Strategic Investment Bank. The Government should now make good on its commitment in the Programme for Government for the creation of a State Investment Bank which can marry the strategic investment fund with the ACC branch network to support productive domestic enterprise.
“The decision by Rabobank to hand back the ACC banking licence provides a real opportunity to marry the strategic investment fund with the ACC banking network in order to establish a badly needed State Investment Bank.
“The sad reality of banking in Ireland is that it has a pathetic record of lending and investing to productive enterprises. It was more interested in gambling and speculating in property during the boom years and it has not proven itself any more capable of supporting productive business in the post-boom period,” O’Connor said.
He continued: “ACC and ICC had proven track records of supporting Irish agriculture and industry over several decades. We need as a country to begin taking back control of our economy. A huge step forward in this direction would be the creation of a State Investment Bank focused entirely on supporting domestic enterprise.”