CYPRIOT BANKS BURN DEPOSITORS, WHILE IRISH GOVERNMENT ARE DOING THE SAME TO CREDIT UNIONS.

Enniscorthy Sinn Féin Cllr Johnny Mythen has criticised the governments support for burning ordinary citizens savings in Cyprus while claiming that all credit union savings here are safe forever.  Cllr Mythen said that such claims are simply incorrect.

"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."  

 "The sixteen Credit unions invested between €1 Million and €2 Million in special Anglo Irish credit union bonds respectively.  These bonds guaranteed the capital plus a 12% return.  When "Anglo’s" deposits were transferred to I.B.R.C. they refused to include the credit union deposit bonds.  Effectively burning ordinary credit union members’ money to the grand sum of €15 Million."

"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."