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Dublin: 10 °C Saturday 18 May, 2013

Rabbitte: Ireland deserves ECB recognition for taking a hit on banks

The Communications Minister said that Labour’s poor showing the polls was to be expected given the economic situation and the historic problems for junior coalition partners.

Pat Rabbitte
Pat Rabbitte
Image: Sasko Lazarov/Photocall Ireland

COMMUNICATIONS MINISTER PAT Rabbitte has said that Ireland deserves recognition from the European Central Bank (ECB) and other Troika partners for the “hit” it took in order to prevent a European banking crisis.

Rabbitte was reacting to the latest Ipsos MRBI poll in today’s Irish Times which indicates that support for the government has fallen sharply in recent months.

He said that he hoped that current discussions with the Troika would yield progress on the terms of Ireland’s bailout.

“The ECB in particular has not yet come out in public to acknowledge that Ireland took a hit in order to prevent the contagion in the European banking system and that we deserve some recognition for that,” he told RTÉ’s Morning Ireland.

“I hope that the discussions that are concluding today in the latest engagement with the Troika will see some further progress to add to the changes that we’ve made already,” without expanding further on just what sort of progress can be expected from discussions.

The Labour TD said that he was disappointed “but not surprised” by the results in today’s poll which showed support for the Labour party down six percentage points to 12 per cent, behind Fine Gael, Sinn Féin, and Fianna Fáil.

Rabbitte claimed that “this is a very unpopular time for politics” blaming the previous Fianna Fáil-led administration for that but he acknowledged that historically the smaller parties in coalition governments suffered more in the polls.

“People are very distressed about it and people are very angry about it but the fact of the matter remains that we’ve been given a job to do,” he said.

“This country… it’s economy was in crisis and the challenge is to put the economy back on the road to recovery and that’s what we’re committed, unifiedly (sic), as a government to do because there is no alternative.”

Read: Government satisfaction rating plummets in new opinion poll

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Comments (72 Comments)

  • Dear Pat, instead of saying we deserve recognition, how about you say we DEMAND recognition, accompanied by an appropriate writeoff of the debt we do not own?

    Reply
    • Or else resign, but I suppose integrity is a little too much to ask

      Reply
    • Too TrueLeft, yes that is more along the lines of what should be the case. Noddy, I don’t see why he should resign.

      Reply
    • Patrick, I think Noddy’s suggestion that he should resign is quite right, as should more of the cabinet. The disparity between election promises, the Programme for Government and Government policy is as wide as the Gran Canyon. “Labour’s way or Frankfurt’s way”; “not another red cent” to be paid to banks and now the admission that the Austerity programme that the Government is implementing is being done to protect the European banking system are all reasons for resignations at cabinet level. Mandates no longer apply when the oral contract entered by both sides during the election has been broken on one side.

      Reply
  • So….he says we deserve recognition from Europe….is that why the photo makes him look angelic?

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    • We know what we did because of leaked papers from ECB speeches where words like – paraphrasing – ‘Irish taxpayers bailed out the European banks’ were removed before being speeches were made public on the ECB website.

      We don’t need a patronising slap on the back for the burden we carry.

      The only individuals that serves a purpose for are our TDs to stand for more stupid photo ops… so, feck off Pat, just feck off!

      Reply
  • “Rabbitte claimed that “this is a very unpopular time for politics” blaming the previous Fianna Fáil-led administration for that”

    Two things… Firstly, they better change the record with the whole “woe is us, we were landed in this terrible situation” bit. They’ve been in government for a year, when exactly are they going to accept responsibility for the state of the country? Secondly, it wouldn’t be an unpopular time for politics if Labour and Fine Gael delivered on any of the platforms they were elected on. They often say “we were asked to lead the country, we have a mandate” etc, but they seem to be under the impression that a mandate still applies regardless as to how much you butcher the promises you made to get elected.

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    • You took the words out my mouth Niall…

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    • are you suggesting that the FG-Lab government could change the country around in one year when it took FF 14 years to destroy it? if you are i’m sorry but that’s just silly, that being said they still have to deliver on many promises made! although not all can be made because its a coalition so comprise has to be part of it.

      Reply
    • Well it would be easier if they spent less time with their grubby little hands in the till!! Wake up it’s been a free for all increasing allowances jobs for the boys!! Enda’s director of elections got set up in a judges job!! Cardiff FF’s nomination is in Europe with Joe Costellos unelected and unintelligent wife!! Wake up

      Reply
  • We had to choice in the matter our so called leaders bent over and just took what the ecb had to give them!! What happened to labours motto before the election it’s Dublin’s way not Frankfurt’s way r something like that??

    Reply
  • This is serious stuff, if Labour Party ,, who are in government, are officially admitting that at least part of our austerity is to bail out European banks and is not in our own interest then that is one inquiry Id happily see go ahead.

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  • ECB deserves recognition for Ireland’s Sovereign rape and pillage.

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  • alan 20/04/12 #

    exactly what hit did Pat Rabitte take?

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  • “we’ve been given a job to do…” , “we have a mandate from the people”, “The dog ate my homework”, “It wasn’t me, it was that fella on the grassy knoll”. Soon enough Pat you’ll have a new one, “hang on der a minute now boyo, I’ll hafta ask Angela”.

    The same tired old platitudinous shite. I would just love to get an oul pat on the back whilst some nameless bureaucrat tickles my tonsils looking for gold amongst my fillings.The old pat on the back, where would we be without it. “There there Mr Rabbitte, your great little soldiers for the cause, just get those yokels to sign on the line and we’ll make it all go away.

    Amazing to think that in a few short weeks our venerable leaders will have finally managed to finish building a firewall to insulate them from public opinion. Cuts to health? “Angela made me do it, cuts to social welfare? “Angela made me do it”, increase PAYE? “Angela made me do it”, sell off public utilities and state assests? “Angela made me do it”

    Can’t wipe your own economic arse? “Angela will help you do it”.

    Your unpopular because as a government your a disgrace. I have a dog, he’s a nice dog, but if I leave my breakfast unattended long enough he’ll eat it for me. Difference between him and you….he has four legs, you have two.

    Reply
  • why would the ecb acknowledge irelands accepting this responsibility? to do that would be akin to saying it might not all be our own debt, why should they give kudos if they believe this is what we should be doing anyway? very naive from bugs

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    • Fagan's 20/04/12 #

      Ir’s not our debt, that is the whole point. It was morally wrong to bail them out.It was done to protect European Banks and FF donors. It was also bad businesses and bad for the economy.

      Reply
    • Fagan it was not morally wrong to bail out the the banks ,it was criminal activity treason etc etc ,when cowen was asked who advised him on the bank bail out he said he held that question with contempt ,,this man is a hero among the political class in this country because he saved their bacons ,things happen for a reason in this little ol corrupt country of ours.

      Reply
  • I certainly don’t want recognition for something I resent every single aspect of, what I want is the future of Ireland and our children resting firmly in our hands, what I want is to take our country out of the pockets of the banks and reclaim out identity and dignity. I don’t want recognition from the criminals holding my country to ransom.

    Reply
  • It is so important to remember that the bailout of the banking institutions is a bailout for the shareholders of banks.
    The shareholders of the large investment banks who have this debt insured are also being bailed out due to the fact that the credit default swaps are not being activated. Austerity is being imposed across Europe instead. The elites( 0.01 % ) of the worlds population continue to benefit. In the last few days investment banks and hedge funds have reported large profits in a time of recession. A blind man could see what’s really happening !! Financial terrorism and fraud. Unfortunately these corporate machines have become so large and unregulated that they call the shots. Politicians are being blackmailed by a system that cannot lose. They must tow the line or the whole lot comes down. This is the crux of the problem. The regular joe is being made suffer to line the pockets of the elites. These people know the game well and it could be argued that the whole mess has been orchestrated. One very large ponzi scheme which has been in the making since after ww2.

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    • agreed Carl, and on top of that the victims of this ponzi scheme are being conned into supporting it through some very clever propaganda, when you try to point it out to them they scream conspiracy theory, tricked by the promise they might someday be rich too

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    • It’s blatant! The only thing I can’t figure out is are the governments the Eurozone part of it or oblivious to it??
      And I’m not sure which is worse.

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  • Are government finally waking up to what the citizens of this county have been telling them all along? Perhaps they ought to spend more time listening to the Irish people than to their overpaid advisers.

    Reply
  • An elderly couple who have a property empire , their not just normal joe soaps evicted out of their family home !

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    • Spot on I really wish people would read up in that particular eviction as they most certainly are not your very day joe soap. More like property speculators just as greedy as the banks

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    • Oh my God .
      You people are so narropw minded . you are the ones who need to read up and open your hearts and minds to the plights of others in our community . Shame on you all. THis again is an example of divide and conquer , that the banks and their bed partners the government are engaging with all of ythe time.
      There go I but for the grace of God . I am not religious but these are sayings I was reared with and they are true …. Except the God bit , Substitute the word God for the word ”luck” etc . You get my meaning .

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    • ‘Empire’

      Funny.

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    • So Anglo is bankrupt and it bankrupt the country!! It’s fat cats are all getting paid including Alan Dukes!! It destroyed home grown business such
      As quinn group and it’s Staff got bonuses this year. So this couple whatever they did or didn’t have whatever happens tried to engage in the greed corruption and black hole that is Anglo this couples problem pales. Why the Garda are paid to protect the sheriff is beyond me. May his overdue heart attack be soon he is no addition.

      Reply
    • ”May his overdue heart attack be soon he is no addition”
      @Anel ,not a very decent or respectable comment ….
      Have a very nice day , you deserve it :)

      Reply
  • So now a government minister admits that we the taxpayer & our children’s children children are preventing a European banking crisis by paying back unsecured bond holders & in doing so causing extreme cutbacks in everything & taxing everything else. The country is on its knees & he is looking for a pat on the back from the troika. Politicians are too safe & too financially secure to represent us, we need somebody with balls & a genuine hunger to ease our burdens.

    Reply
  • Some say this is all a Goldman Sachs conspiracy

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  • Pathetic.. They’ll end up like The Greens.

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  • I like his halo!

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  • franco 20/04/12 #

    bye bye pat , next time around labour will be as extinct as the dinosaurs but luckily for you and your pals you will have a big fat pension to feed your over sized egos and your double chins, sorry i ment double standards.

    Reply
  • Why can’t Irish politicians be like this guy.

    http://www.youtube.com/watch?v=rtowRiql6og

    Reply
  • @ Paul, it is blatant! It’s a giveaway that there had to be two technocrats who were x ECB men, one of whom was x Goldman Sachs installed In Greece and Italy to impose austerity. The truth of the situation never reaches the masses. They are too busy in their own little worlds. Politics is only an issue at election times. If people really knew the whole story I believe there would be a lot more trouble on the streets of European countries.
    I wish that citizens knew more about the cheap ECB rates which are available to bank institutions at present and what they are actually doing with that money. It never reaches the economy because they invest it in sure bets. I believe it is one of the reasons why the very essentials we need to survive food,fuel etc are all on the rise. Market fundamentals say that demand is down in recession. The markets are rigged with speculation. We get the propoganda of: it’s Iran Syria Libya china etc. Bull shit I say. There is no equilibrium where demand and supply meet to create a real price. When massive corporate machines have access to cheap money and regulation is non evident. They can do what they want.
    When the citizens of Europe finally figure out what’s happening look out. This is not going to end pretty. I often think of the French revolution and what happened to the elites then.
    History has a habit of repeating itself!!!!
    I just hope politicians come to their senses before its too late,

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  • just can’t wait for the next election. labour and fine geal will be slaughtered for the lies they told the people. and if pat thinks the the ecb are going to listen to the minister for communications he’s living on planet zog. pat you lied you were caught out now your paying the piper. it’s now our way not your way or frankfurt’s way.

    Reply
  • Fr Enda gets a pat on the head and Ireland gets a big gold star what more do we want ?

    Reply
  • Scarr 20/04/12 #

    @al – whatever emotionally difficult time you’re having at the moment can get better. Trust me.

    Reply
  • heartless idiot al

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  • Pat Rabitte seems to be one of the few polititians who has both brains and common sense, not that I read the article, I’m sick to the teeth of this Europe shit!

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  • Could I ask a genuine question to the Labour supporters in here.
    If we had gone for the Labour proposal of nationalisation of the banks, instead of the Guarantee that was voted for by FG, FF and SF, would we be any better off?
    Would we not have been in a worse position as we would have had to buy the shares at 2008 or early 2009 rates? We’d still have to pay back all bonds sold, being the sole shareholders
    It’s a question that I’ve been wondering for a long time now. I’ve never seen any debate on this.
    Can any one clarify it?

    Reply
    • we did nationalise and guarantee the banks, we did have to repay the bondholders and we did have to refinance the banks, your point being? sorry but im not a labour supporter, i used to be but i no longer recognise the party under gilmore as labour

      Reply
    • We shouldn’t have nationalised or guaranteed the banks, they should have been let fall.

      Reply
    • Danny McLaughin: I think the issue with the extraordinary powers invested in the Minister for Finance in September 2008 was that they were abused by Brian Lenihan to implement a blanket guarantee on bank deposits, thus beginning a process of quasi-nationalisation with all the risks and none of the benefits of nationalisation, i.e. paying back all bonds secured or unsecured.
      Sinn Féin backed investing the MinFin with exceptional powers to guarantee the deposits of ordinary citizens and workers, when Lenihan implemented a balnket guarantee (thus, tying the fortunes of the biggest banks to those far more susceptible to financial ruin) SF removed their support and subsequently voted against the Bill.

      Reply
  • Jackie
    Ignore Al O’C. I can spot a bitter embittered even jealous person a mile off . You have been doing your best I am sure for your family , Chin up girl.

    Al O’Connor
    I really hope things work out for you during whatever type of stressfull situation you are going through just now. Things usually do have a habit of turning around . I wish you well

    Reply
  • Jackie Crowe .
    Come and park your car in my garden and I do not have much room , but I am sure we can move over and give you a roof for you kids and your self . til you get sorted . I am horrified by this situation . Have you been to your housing authority ? I do not know what I would do in your position . Please let me know if I can help .

    Reply
  • http://www.irishtimes.com/newspaper/ireland/2012/0420/1224314969008.html -0 the lderly couple being kicked out of their home….. DESERVE EVERYTHING THEY GET!

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  • They can stick their recognition where the sun don’t shine.

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  • franco 20/04/12 #

    whats with the halo pat ,or should you be addressed as blessed …

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  • The halo is brilliant… Naomh Coinín!!

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  • Yeah that’s what we need, recognition from the ECB, when Enda and co couldn’t give a blind fook about any of us. Jog on fat boy.

    Reply
  • Hold on a sec now, this government has a mandate to exercise power on behalf of the people which clearly includes taking measures to stabilise the situation.

    No government could do much different (aside, perhaps on where they ‘cut’). The options are very, very limited. I don’t like it at all but I am being realistic about it. Not to mention that we have seen enough already of what the previous government did and where they have placed us. We also function in an international financial system that is not going to change any time soon (I’m not happy about that either).

    I am genuinely sorry that you are in the situation that you are in, I know that me saying that doesn’t make a damn difference to that situation and I sincerely hope that people here who can help, do. Ultimately if we want to help each other then we must ourselves, we cannot give much more to the common pot that is the exchequer so maybe we have to it at a more personal level.

    As for the other couple that you referenced, it would seem that they are not such victims as many believe. Do look more closely at the story, the level of debt that they ended up in is significantly different than the average mortgage holder presently in a severe situation.

    I am sorry that I cannot help you from where I am.

    Reply
  • Nobody forced you to take a mortgage out. Your not that bad off if you workon, have a car and can put fuel in it. You get childrens allowence each month too. As for the couple, they owned several properties and refused to pay their mortgage on that mansion.

    Reply
  • Jackie Crowe for you and all the other “poor me” people out there http://www.youtube.com/watch?v=-EQ6eHeBrhM

    Reply
  • I’m not heartless, bitter, jealous or anything else. I am not going through some tough time either. Just expressing an opinion. Who’s fault is it that Jackie Crowe is going to lose her home? Its not the governments fault. Its not the banks fault. Its her own fault. As for her stupid remark “Pat Rabbit should be shot and Enda with him” Why? They are not to blame. Better yet give the idiot a gun and see if she’ll do it. Doubt it very much.

    Reply
    • wish u could come to tralee, no jobs, most business in main streets gone, second hand shops galore, 250 business gone from our main town, 2 factorys left from 12, i have tried and tried for a job, i have never been out of work in 30 years, till 2 years ago, my mortgage is 700 per month, i get 211 per week, i never missed a payment went on my holiday every year, i did not cause a recession, banks giving money out to companys who are all in business, but i will pay back their debt and so will my children, i did not bring this on myself, oh and dont even try me with a gun, i am so mad at how they are treating people that have nothing, now they want everything from us, but i will only be a bigger burden, they will have to house me when i am homeless, and i will pay less than a mortgage, i may move to england as there may be a job there for me, and leave my kids with family, i hope that works out, think my kids better off in this country for now, with a parent here or not, its the price we pay, i dont mind going to bed hungry or cold, all i want is a job and live again

      Reply
  • My sympathies go out to Jackie and her family. She is 100% right to be angry with our incompetent, self-serving political leaders.
    Our government in partnership with the troika have made a calculated decision to target a specific demographic within our society to bear the brunt of this crisis and their incompetence. Not the banks or bondholders. Not the states chaotic unrestrained spending. Not those happy to live off the state during the bubble. But those who knuckled down during the boom, provided for their families, bought homes and did what they believed was right.
    These are the people the government has it’s sights on and I’m afraid we will soon many like her in similar predicaments.

    Reply
  • The man has truly lost the plot. I don’t normally use acronyms but W-T-F??

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  • Reading this really makes me want to move to a remote island…

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  • Dario Fo 21/04/12 #

    Pat Cuckoo..

    Reply

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