“The first payment is happening today, (Wednesday 2nd November) and will be paid out to an unguaranteed senior Anglo bondholder to the tune of €700 million.
“In January €1.2 billion will be paid out. This is against the backdrop of an austerity budget that will take over €4 billion out of the economy.”
Cllr O’Leary announced details of a petition and urged the public to make their voices heard and tell the government parties to “Stop the Handover”.
“Over the coming days and weeks Sinn Féin will be stepping up the campaign ‘Stop the Handover’ through out Cork City and County.”
Speaking before a protest at the office of Jerry Buttimer TD on Glasheen Road, Cork where Sean Kelly MEP was also due to hold a constituency clinic Cllr O’Leary said, “Today the government will pay out a €700 million unguaranteed senior bond in Anglo Irish bank.
“This bond payout comes just one month before an austerity budget which will inflict hardship on children, on carers, on the disabled and on the working poor.
“In January a further €1.2 billion will be paid out, today is only the first payment of billions of taxpayers’ money.
“The government plans to take between €3.6 and €4 billion out of the budget. A €700 million saving could mean no household charge.
“It could mean no welfare cuts. Even the smallest cut has the potential to inflict so much damage. The cut of 200 Special Needs Assistants this year caused untold damage for families with special children and saved the state only €6 million.
“I am encouraging people to make their voices heard. People power can stop this outrageous payout. I am asking everybody to sign the petition and tell the government to ‘Stop the Handover’,” he said.