In the Dáil yesterday, People before Profit/ULA spokesperson, Richard Boyd Barrett challenged TD Enda Kenny during Taoiseach’s questions on the influence of some of the World’s largest financial companies and banks on his department and on government policy.
In a statement today Richard Boyd Barrett TD said he will be questioning the Taoiseach on the Clearing House group.
Speaking ahead of Taoiseach’s questions, Richard Boyd Barrett said Irish state policy is being shaped by financial interests while the state acts as both a lobbyist for these interests inside the EU and constantly introduces legislative changes to facilitate them. Irish policy on financial services is effectively managed by the IFSC Clearing House Group, a body made up of top public servants and representatives of the financial services industry. It includes figures from Bank of America, Citibank, BNY Mellon, State Street and the Irish Bankers Federation.
Richard Boyd Barrett said, ‘The Clearing House group is not a lobbying agency because it is officially embedded in the key Department of the Taoiseach. It helps devise its strategy and advises on tax changes that are incorporated into the annual Finance Bills.
‘In addition, the chair of IFSC Ireland, the former Taoiseach, John Bruton promotes public lobbying for the IFSC. His position is funded by the industry but the IDA provides administrative support.
‘The Irish state’s collusion with financial interest was in evidence when the EU Commission proposed a small financial transactions tax. The Department of Finance convened a meeting of the main corporations operating in the IFSC and asked them to make their case against it.
‘No independent research was commissioned on the impact of such a tax on Ireland. Instead the state used material derived from a survey of financial corporations to come out vehemently against the proposal.
‘This corporate influence on Irish policy is unacceptable. If the EU Financial Transaction Tax was implemented it would have raised MORE money that the property tax.
‘It therefore begs the question; why are the majority of the Irish people paying for an economic crash that was cause by the very financial speculators who dominate the IFSC Clearing House group’