FF using same ol’ Reckless Playbook as Martin attacks Central Bank – D’Arcy

Micheál Martin’s extraordinary attack on the independence of the Central Bank shows that Fianna Fáil are using the same old playbook that will lead to economic turmoil, job losses and misery for the Irish people, according to Minister of State, Michael D’Arcy

Micheál Martin’s attack on the independence of the financial regulator shows that he and his Party are intent on following their same catastrophic Celtic Tiger plans which destroyed the economy.

“Has Fianna Fáil learned nothing from the misery it caused?

“It presided over light touch regulation when last in power with disastrous consequences for the housing sector, the wider economy and the Irish people. Now Fianna Fáil is at it again.

“Its’ Celtic Tiger policy of inflating house prices led to an unsustainable property bubble which led to a catastrophic collapse and disastrous outcomes for so many. By attacking the independence of the Central Bank, Micheál Martin has shown that his Party is following the same playbook 10 years later. They have learned nothing.

“The independence of the Central Bank must be protected. Macro prudential rules are assessed every year to ensure they are fit for purpose. This should be done independent of political interference.

“These rules were put in place to prevent a repeat of the crash where 120% loans were provided and house prices inflated to unsustainable levels.

“Instead of agreeing with this, Fianna Fáil is following its same ol’ Playbook and bringing the judgement of the Bank into question.

“The same ol’ Fianna Fáil will lead to the same ol’ results for Irish people, which will not end well.”