Begg says his call to nationalise banks is Ictu position

SENIOR UNION official David Begg has said his call to nationalise the banks was the position of the trade union movement and had nothing to do with his membership of the board of directors at the Central Bank.

In a speech at the protest march in Dublin on Saturday, Mr Begg, who is general secretary of the Irish Congress of Trade Unions (Ictu), said he believed that, sooner rather than later, the whole Irish banking system would have to be nationalised.

“There is no other route to ensuring that we have an effective banking system in place, and we cannot put off that decision indefinitely.”

Reiterating his views yesterday on RTÉ radio’s This Week , he said Bank of America and Citigroup in the US were being nationalised.

“The problem of our own banking sector is that we can’t get money flowing into the economy, into the businesses that need it as their life’s blood in order to keep economic activity going.

“The difficulty with what the Government have been doing in trying to recapitalise the banks is that the banks’ first priority is to shore up their capital base and, in doing that, they are saving money.

“It is the direct opposite of a Keynesian approach where you want to try to put money into the economy to have it spent.”

He continued: “I guarantee you that within three months all of the Irish banks will be nationalised.”

The remarks gave rise to some initial concern in Government circles, but Mr Begg told The Irish Times he was simply expressing a view that the Ictu had formed. “It has nothing to do with my role in the Central Bank.”

The Ictu judgment was “based more on the experience of other countries than any assessment of the strengths and weaknesses of Irish banks”.

“The Central Bank and the Department of Finance wouldn’t be of that view. It’s completely a David Begg view.”

He pointed out that any move to nationalise the banks here would be “pretty exclusively a Government decision”, although he was sure the views of the governor of the Central Bank would be taken into account.

Mr Begg added that the Ictu position was “not at all informed by anything I have heard in the Central Bank”.

He doubted that his remarks would have any effect on the banks’ share prices, and the Government had made no contact with him about his comments.

Fine Gael finance spokesman Richard Bruton said his party opposed nationalisation. “It doesn’t equip the banks any better to deal with their problems.”

Nationalisation would mean “the State’s exposure would become greater”. Fine Gael favoured “a new, good bank” with “a clean balance sheet”.


http://www.irishtimes.com/

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ArcelorMittal Roman shuts down all production facilities for three weeks

ArcelorMittal Tubular Products Roman’s manufacturing facilities will begin a three-week shutdown, while the product processing unit will be the only one to remain in function, said the leader of the trade union, Gheorghe Ciobanu.

“The 16 and 18-inches steel mill will be idled until it receives enough orders to secure the activity of the plant. The processing unit will run, as the third production facility, the 20-inches mill is closed for repair and will be opened at the end of March. 80% of the steelmaker’s workforce (1,849) will remain in the unit, while the rest will take a temporary leave”, said the leader of the trade union, Gheorghe Ciobanu.
He said some 380 workers out of 1,849 signed up for voluntary layoff, as 24 workers have already been discharged being compensated with severance pay packages. “Majority of the workers who signed up meet the requirements for retirement”, Ciobanu added.

On the other hand, Arcelor Mittal Iasi plant is operating at full capacity, the leader of the trade union saying there is the likelihood for workers to take a new temporary layoff as of next week.

“74 workers have left so far, half of which working in production, and the rest in the indirectly productive units. 200 persons are signed up on the layoff list of 561overall workforce”, Constantin Rotaru, leader of the trade union at Arcelor Mittal Iasi continued.


http://www.wall-street.ro/

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'Involve Trade Unions in negotiations of the Economic Partnership for Africa'

The National Organization of Trade Unions, NOTU has appealed to Government to involve them in the negotiations of the Economic Partnership for Africa.

The President of NOTU Wilson Owere says involving the trade unions would benefit workers.

He says unlike the politicians, workers know issues affecting them that need to be addressed.

Owere suggests that the out come of the negotiations should be backed with enabling laws.


http://www.newvision.co.ug/

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