The Banking Inquiry: the CPI’s analysis vindicated

Statement by the Communist Party of Ireland
22 January 2016


The report of the Banking Inquiry, published today, vindicates the analysis of our party from the very beginning of the banking crisis and the bail-out.
     It is clear from the report that the European Union was in complete control and absolutely in charge. It determined the outcome and what had to be done to save the European banking system, which meant that the working people of Ireland would have to carry the burden of the financial losses of the banks, that working people would have to bail out not only Irish banks but also British, German, French and other financial institutions that had lent speculatively to Irish financial institutions.
     It also shows that the Irish ruling class are hopelessly dependent on the EU to protect their own class interests, and that national democracy and sovereignty have no meaning for them and no longer suit their class interests.
     Once again James Connolly’s words stand stark and clear as a beacon. Yes, we have painted the post boxes green, but the bankers still control us, the landlords still evict us. The harp has replaced the crown, but the baton is still wielded by the same dominant economic forces. The Irish capitalist class, as never before, are exposed as nothing more than gatekeepers for imperialism.
     The Irish working class have been sacrificed to save European finance capital. Repudiation of the debt was our demand then and is still our central demand.

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