Mattie McGrath calls bailout a 'clean-out', slams impact on farmers
Mattie McGrath spoke on 9 May 2023, criticising the European bailout, the bank guarantee vote and the impact of EU policies on farmers and industry. He said he had voted for the bank guarantee but called it "the biggest political mistake I ever made" and described the bailout as a "clean-out" that left the State to pick up the pieces.
Campaigning history and view on EU membership
He recalled campaigning for a yes vote in 1973 and acknowledged that membership delivered many benefits for farmers and other areas, but said he was not celebrating and expressed disappointment at current outcomes.
Condemnation of the bailout and bank guarantee
He condemned the so-called bailout, saying the ECB and foreign banks had been allowed to invest heavily and then abandoned Ireland, forcing the State to bail them out while bondholders and foreign banks were left untouched. He said he was a backbencher at the time, voted for the bank guarantee and called that vote his biggest political mistake. He characterised the bailout as a "clean-out" and recalled discussions with senior figures and the finance minister during the crisis.
Impact on fishing, sugar and farming
He said the fishing industry had been "completely decimated" and described the sugar beet industry as effectively dismantled, with four factories gone and the country now importing sugar. He warned the green agenda and pressure from Europe posed an "enormous threat" and described what he called an attack on farmers.
Warning about future deals and tone
He argued that Ireland's rights have been diminished over the years and that the State often comes back from Europe with "very bad deals." He used blunt language about the consequences, saying the current direction was "a sheer act of madness" and "totally unacceptable," and warned of serious long-term consequences for rural industries.
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Good morning. I am happy to speak today. I wish I was jumping with joy and celebrating, but unfortunately I am not. As a campaigner back in 1973, I campaigned looking for a yes vote and supported it. We had many benefits. Part of the slogan at the time for the 72 referendum was that membership was a key guarantee to the side that would be benefits for farmers. We have had many benefits for farmers. I would not deny that. I cannot deny that. And many other areas as well. But fishing, for instance, has been completely decimated. Our sugar bait industry has disappeared. We are under enormous threat now with the whole green agenda. I have been pushed by Europe as well, and the attack on farmers which I raise here today is appalling also. But I would just like to say that, you know, when it came to the so-called bailout, when we ran into financial difficulties, I lost an awful lot of respect for our European so-called friends, with friends like those who need enemies. They actually forced the government here to – and I was a backbencher sitting over there where you are, up the back, you minister, you are down the front, I was never down there – and I voted for the bank guarantee, which is the biggest political mistake I ever made. In my own life, because we were under pressure. I remember a discussion with David the late Brian Linehan, and now finance minister Michael McRae, and we did our best. But the so-called bailout, and I call it a clean-out. That's what it was. The ECB, having allowed, you know, German, French and many others, banks invest huge money in here, and bondholders. Massive monies in here. They abandoned us, and they forced us to bail them out, even though they had their own insurance policies. And they were never touched, so they left them all the way to the bank, literally, and we were picking up the pieces. As I said, that has been a costly experience. With the fact now that we have diminished our rights over there, so many years we go over and we seem to be leaptogs, do all the things that are needed, that are good. Yes, sir. Aye, sir. Three bags full, sir. That's what I see coming back from Europe. And we come back with very bad deals. I know Deputy Cairns will speak more strongly about the fishing industry, which has been wiped out, been decommissioned, paying people to dismantle, as we did with the sugar factory. With four sugar factories, now we have none, and importing sugar from all kinds of countries now at the moment, as we are importing peat, as we are importing wood chip and everything else, it's a sheer act of madness, and it's totally unacceptable.
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