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Saturday, 12 May 2012 20:50 |
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(This is an edited version of an article in Village Magazine by Mark Malone & Andy Storey from Anglo: Not Our Debt with which Partners in Faith is aligned.)

Michael Noonan could have “walked on water across the Liffey” to the recent Fine Gael Árd Fheis. That was the view of one political commentator on RTÉ, following the “miracle” the Finance Minister had performed in relation to the Anglo Irish Bank promissory note, due for payment that day. This opinion was typical of mainstream media interpretation of the “deal” announced by Noonan.
In reality, the deal was a mirage, not a miracle. The Department of Finance, it is true, did not write out a cheque to the Irish Central Bank on March 31st. However, NAMA did. And who owns NAMA? That’s right, we do. So Ireland did pay the bill, in full and on time. We simply paid it out of one of our accounts rather than another. In the film Scarface, Al Pacino’s gangster responds to a rival’s pleas for mercy by saying, “Don’t worry, Frank, I’m not going to kill you”, then turns to a henchman and says “Manolo, kill this piece of shit”. Frank still ends up dead. We still ended up paying the money.
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