Labour's plan for a Strategic Investment Bank
Posted on April 26, 2010 at 08:54 AM
This week Labour will use our Private Members Time in the Dáil to promote our proposal for a Strategic Investment Bank. Basically, this is a response to 2 major problems in getting Ireland into recovery mode and getting people back to work. One, it is very hard for viable businesses to get the credit they need to bring their business through these very tough times. The commercial banks say they are lending but that is not the story we are told as public reps by small firms in our constituencies. The other area where an injection of cash is urgently needed is to build the schools, health centres and other public projects that would get building workers back to their jobs.
Labour's proposal would be aimed at these two goals. We are proposing that €2 million of the pension reserve fund should be invested in setting up this bank. On top of that €20 million or so would be raised privately. I believe there is a lot of potential to raise money from Irish people (there is still some money around!) who would put their savings into a project that would help to get the country back on its feet.
This proposal didn't get much publicity when it was announced. It makes a lot of sense and the debate this week will be an opportunity for people to see a real alternative to the Government's disastrous strategy of putting all the tax-payers eggs (and hard-earned money) into the dodgy basket of commercial banks that have so recklessly played roulette with huge sums of money that we and our children will have to repay. Their carry-on about pensions and pay suggests that they have no intention of changing their ways.
Labour's proposal will mean that the tax-payer will be back in the driving seat. I would be interested to hear your views and suggestions on this proposal bye for now
Jan
