10 years on from the Blanket Bank Guarantee... Ballyhea Says Know

“Ballyhea Says Know” March Again -

10 years on from the Blanket Bank Guarantee

Luke Ming Flanagan MEP and others to joined march in Cork village, organised by local community since 2011, to renegotiate the debt resulting from the bailout.

On Sunday, 30th September 2018, exactly 10 years on from the disastrous Blanket Bank Guarantee, a march took place in a Ballyhea, Co Cork to raise awareness of the continuing injustice resulting from the 2008 crash.

Made up of local residents, the “Ballyhea Says No” campaign was set up in 2011 but recently changed its name to “Ballyhea Says Know” to reflect the mission of the group; to remind people about the ongoing burning of billions.

Since 2011, the group has undertaken a number of actions to progress the case for debt renegotiation for Ireland.  They met with the European Central Bank, the European Commission and the Irish Central Bank. This year, they gave an hour long presentation to the Oireachtas Finance Committee and got commitments from Fianna Fáil, Sinn Féin, Solidarity/PBP, Social Democrats and Independents4Change that they all form part of an all—party committee to challenge the ECB. The campaign was back-boned by a weekly march up and down the village of Ballyhea.

A number of politicians and public figures were invited to the village of Ballyhea (population 1000) to join campaigners on Sunday 30th September 2018 at 10.30am.

In September 30th 2008, in the mistaken belief that they were suffering a temporary liquidity crisis, the then Irish government underwrote the entire Irish banking system with what's become known as the Blanket Bank Guarantee.

Using accounting standards that avoided giving a 'true-and-fair' reflection of the currentfinancial situation of a company, the auditors of the accounts of the various banks gave them all a clean bill of health, thus the impression gained by the government. In fact, they were insolvent.

Campaign organiser and Ballyhea resident Diarmuid O’Flynn said “It was a catastrophic decision, a decision in which the ECB - Central Bank of all Central Banks in the eurozone - was also culpable. Most catastrophic of all was the subsequent enforced bailout of Anglo Irish Bank, which on its own cost us €35billion - more than half the entire bailout cost.”

Ballyhea Says Know campaigner Fiona Fitzpatrick said “Despite the common impression to the contrary, we are still today paying that cost, €10.5billion destroyed by our Central Bank in the last three years, €4billion last year alone - the Promissory Notes legacy.”

MEP for Midlands Northwest Luke Ming Flanagan MEP said “Since March 6th 2011, the Ballyhea Says No campaign (now Ballyhea Says Know) has protested this injustice. On Sunday September 30th, exactly 10 years on from that disastrous Guarantee, they march again - Ballyhea 10.30am. From the first time they made contact with me, several years ago now, I have supported them. I ask you to do so now. Know what's happening.”

Paul Cotterbank debt, ballyhea, ecb