"Kieran Brennan C.E.O. of the Irish
League of Credit Unions claims that the Irish Governments guarantee that they
will never burn deposits is incorrect. Sixteen Credit unions are already
directly at a loss of €15 Million because of the Governments liquidation of
I.B.R.C. That’s the deposits of
ordinary people wiped out with the stroke of a pen. Effectively it will also mean no dividends at
Christmas time will be paid out for years to thousands of Credit union members."
"Compare this to the blanket guarantee
of billions to unsecured bond holders in Anglo Irish Bank and you quickly get
the picture. Ordinary folk don’t matter."
"Minister Coveney’s statement in the Dail
that this Government will not interfere with the sanctity of deposits is
totally incorrect. This must be
breaching the terms of the European bail out programme. Again just to emphasize the inconsistency and
the total subservience and hypocrisy of the Irish Government in backing the
plan to burn ordinary people’s money in Cyprus, while doing the same thing to
ordinary Credit Union members in their own Country is reprehensible."