{"id":14225,"date":"2025-10-31T15:01:49","date_gmt":"2025-10-31T15:01:49","guid":{"rendered":"https:\/\/www.socialdemocrats.ie\/?p=14225"},"modified":"2025-10-31T15:01:49","modified_gmt":"2025-10-31T15:01:49","slug":"the-minister-for-finances-rushed-exit-from-the-banking-sector-is-no-cause-for-celebration","status":"publish","type":"post","link":"https:\/\/www.socialdemocrats.ie\/ga\/the-minister-for-finances-rushed-exit-from-the-banking-sector-is-no-cause-for-celebration\/","title":{"rendered":"The Minister for Finance\u2019s rushed exit from the banking sector is no cause for celebration"},"content":{"rendered":"

The rushed sell-off of AIB has already cost the taxpayer dearly as value of these shares have continued to rise, according to Social Democrats finance spokesperson Cian O\u2019Callaghan.<\/p>\n

Deputy O\u2019Callaghan said:<\/p>\n

\u201cThese are the same taxpayers who suffered so much to bail out the reckless banks and incompetent governments of the Celtic Tiger.<\/p>\n

\u201cNow, the government\u2019s sell-off of its PTSB shares echoes this gung-ho approach.<\/p>\n

\u201cThe Central Bank is currently reviewing PTSB\u2019s capacity to lend for mortgages. Their decision will have a major impact on the bank\u2019s ability to grow its market share.<\/p>\n

\u201cSelling off the majority stake in the bank before this decision is made makes no sense and could limit the pool of potential buyers.<\/p>\n

\u201cThe public has already paid the price for the financial incompetence of their Government: through borrowing to bail out the banks, through deferred public services and infrastructure, and through crippling austerity.<\/p>\n

\u201cIt is not enough to announce \u201cwe\u2019re done\u201d and walk away.<\/p>\n

\u201cGiven the critical importance of maintaining competition in the banking sector, there is a strong case to be made for retaining a significant share of state ownership in PTSB.<\/p>\n

\u201cI\u2019m calling on the government to immediately pause the sale of PTSB until the Central Bank\u2019s decision has been reached.<\/p>\n

\u201cIf the sale of PTSB is handled poorly, the cost will continue to be borne by ordinary taxpayers.\u201d<\/p>\n

October 31st, 2025<\/strong><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The rushed sell-off of AIB has already cost the taxpayer dearly as value of these shares have continued to rise, according to Social Democrats finance spokesperson Cian O\u2019Callaghan. Deputy O\u2019Callaghan said: \u201cThese are the same taxpayers who suffered so much to bail out the reckless banks and incompetent governments of the Celtic Tiger. \u201cNow, the […]<\/p>\n","protected":false},"author":3,"featured_media":2065,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[278,88,7],"tags":[],"class_list":["post-14225","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cian-ocallaghan","category-finance","category-press-release"],"acf":[],"yoast_head":"\nThe Minister for Finance\u2019s rushed exit from the banking sector is no cause for celebration - Social Democrats<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.socialdemocrats.ie\/the-minister-for-finances-rushed-exit-from-the-banking-sector-is-no-cause-for-celebration\/\" \/>\n<meta property=\"og:locale\" content=\"ga_IE\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Minister for Finance\u2019s rushed exit from the banking sector is no cause for celebration - Social Democrats\" \/>\n<meta property=\"og:description\" content=\"The rushed sell-off of AIB has already cost the taxpayer dearly as value of these shares have continued to rise, according to Social Democrats finance spokesperson Cian O\u2019Callaghan. 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