For once, I don’t know what to say, so maybe the best thing to do is rely on our Finance Minister. After all, who could possibly be more reliable than this man who has just rescued our nation from penury?
Interviewed on radio, Michael Noonan explained that the European Central Bank agreed to the Anglo financing deal because it was slightly less illegal than the existing promissory note arrangement.
I thought the ECB were sticklers for the rules. I thought that was the whole reason why it took so long to get a deal. But no. Apparently, it took so long to get a deal because the ECB wanted to stick with an illegal arrangement. So much for rules. Who knew that the ECB were so against doing things properly?
Apparently, according to Noonan, there was no point going to the ECB and saying, look, this Anglo deal is completely illegal. The ECB would have said legal schmegal, in Noonan’s opinion. Instead, he had to come up with something slightly less illegal, in the process making certain that for ever more, the Anglo debt would be visited on the Irish people even though they didn’t incur it.
I’m delighted that Michael Noonan is happy tonight after his victory, but did it ever occur to him that there might have been an alternative strategy? After all, since he himself acknowledged that the promissory notes were illegal, did he perhaps consider pointing out that fact to the ECB and walking away from the obligation?
Apparently not. Instead, we’re now celebrating the fact that our children and grandchildren will end up paying a debt none of us caused.