NATIONAL SOLIDARITY BONDS SHOULD BE RINGFENCED TO DEVELOP PUBLIC SERVICES
Issued : Wednesday 26 May, 2010
Limerick City Labour Deputy and party spokesperson on health Jan O’Sullivan has stated that all revenues raised from the new national solidarity bond should be ring fenced for improving the delivery of specific public services or infrastructure projects.
I welcome the announcement by the Minister for Finance Brian Lenihan T.D. that solidarity bonds will be issued by the Government as a means of raising much needed finance. However all monies collected should be designated and targeted for specific projects ( new schools, hospitals ) across the Country which will benefit local communities and individuals accessing public services.
In my own constituency of Limerick the existing Regional Maternity hospital is constantly under pressure due to resource and capacity issues and through these solidarity bonds a new purpose built Maternity Hospital could be built adjacent to the Mid West Regional Hospital rather than the current proposal to build a private hospital on the same site.
This year alone the City of Limerick VEC turned over 2,400 applicants wishing to return to study post leaving certificate course away due to capacity problems. The provision of the necessary funding to build a new modern college of further education capable of meeting current and future demands could become a reality if all monies collected are specifically targeted at improving and developing our public services.
We have a massive opportunity through this new scheme to stimulate our economy through productive job creation projects as opposed to pouring billions of taxpayers money into failed banks.
This scheme is in effect a patriotic call to people to invest in these bonds at different price values for a minimum period of time with a guaranteed return on investment. If as I have suggested that the finance raised is ring fenced and not simply put into the general exchequer expenditure then it offers the potential to significantly stimulate our economy.
