Independent Leitrim councillor calls for nationalisation of banks

Independent councillor, Des Guckian has brought forward a proposal calling on the Government "to nationalise the banks in an attempt to bring certainty to the  markets and to ease the burden on mortgage holders and all who are hit by rampant inflation."

Speaking at the January meeting of Leitrim County Council, Cllr Guckian said he hoped that other councilors who are members of political parties, will bring this motion to their party headquarters.

"Banks should be nationalised," insisted Cllr Guckian. "To control Ireland's money is to control the lifeblood" of our country, he noted.

He said that in 2010 the Troika came to Ireland and Anglo Irish bank had to be nationalised.

"Now, bit by bit, AIB is being privatised," he said observing that "private banks act for the benefit of shareholders only."

The Independent councillor also remarked on the departure of KBC and Ulster Bank from the Irish market and said that these banks "should be made to pay for the privilege of escape".

He said that questions had to be asked about why mortgage rates in Ireland are twice that elsewhere in Europe. Cllr Guckian also questioned why the cap on payments to Bank management has been removed.

"We need to stop our country being robbed by speculators and vultures," he said.

Cllr Padraig Fallon said that while he had "some difficulty" with what Cllr Guckian had said, he was going to second his motion.

He said he believed that a national bank could play "a positive role" in the future of Ireland.

"But the reality is that I couldn't see all banks being nationalised (as Cllr Guckian is seeking). But I do think that having one state-owned banks should be examined."

Cllr Enda McGloin said he did not know if nationalising the banks "would give the outcome that Cllr Guckian wants to achieve" adding that he could not support the motion.

However, he agreed that interest rates are much higher in Ireland and said that there is a need for increased competition in the banking sector.

"I would like the government and the Central Bank to give more latitude to credit unions," said Cllr McGloin, who said that they were already providing excellent services in communities.