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Thread: Fine Gael calls for scrapping of NAMA

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    Politics.ie Member White Horse's Avatar
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    Default Fine Gael calls for scrapping of NAMA

    Fine Gael is calling on the Government to scrap plans to establish a National Assets Management Agency to buy up toxic debts from Irish Banks.
    The party says too many disputes will emerge between developers and the agency over the value of properties purchased with these loans.
    It says prolonged court battles could also push up NAMA's costs.
    Fine Gael finance spokesperson Richard Bruton says a National Recovery Bank should instead be established to get credit flowing in the economy.
    Fine Gael calls for scrapping of NAMA - Politics, National News - Independent.ie

    NAMA is at the vanguard of the government's strategy to deal with the property pyramid scheme induced Irish banking crisis.

    FG have nailed thair colours to the mast by rejecting the alternative Government and Labour proposals bail out property developers.

    FG stands alone is proposing the establishment of a public owned good bank and letting the corrupt banks clear up their own mess without taxpayer subsidies.

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    Politics.ie Member Simbo67's Avatar
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    This is huge for Nama (and FF), there is now very clear water between FG and FF strategy

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    AMCW177
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    Clear blue water. FF and Labour both want to get the taxpayer to bail out the bankers and the builders, which will cost us at least €100 billion. Yes, €100 billion. That's not a typo.

    If FG also came out and explicitly said that banks which engaged in reckless lending and through their own greed and stupidity have ended up insolvent should be allowed to fail in the normal manner like any other badly-run company then they'd romp home in any general election. They do seem to have been gradually working their way towards this position recently.

    The majority of the electorate who don't work for vested interests are completely sick of all the bailouts and croneyism, that they are then expected to pay for.

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    Politics.ie Member White Horse's Avatar
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    Quote Originally Posted by ennaron View Post
    Lee did not say that last night, when did this news come about

    Came out in the last hour.

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    er....bump

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    I wouldn't normally vote for FG but if it came to an election in time, this alone would give them my vote.

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    Politics.ie Member Simbo67's Avatar
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    This is a pretty massive divide now between the parties, if FG can concisely present what their plan is, NAMA will look ridiculous (and dangerous)

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    Politics.ie Member cyberianpan's Avatar
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    This is huge news, it shows FG are really getting balls

    I wasn't too fond of the way Nama was just presented as a fait accompli

    Similarly FG need to take great care here, I'm a little worried that they are engaging in "back of envelope" reckonings :

    We are in uncharted waters, our whole banking system has failed amidst unprecedented systemic international failure ... thus we need some serious effort to find out what will work.

    I'd suggest FG set up a small working group to examine the area. This group wouldn't be a wishy-washy independent commission - it would be FG branded and FG would stand behind it.

    On it I'd put:


    • Chairperson: from FG, part time
    • Senior International banker: say from UK, they would advise on what might prove practical,
    • Legal expert: from Ireland (preferably an academic with practice experience)
    • Staff economist: serious international heavyweight who would link into 2 or 3 other part time advisers
    • Staff lender: a mid level banking executive who understands loan books, risk, lending strategy, interbank funding etc
    • Property expert: Someone from the development side of the house... preferably foreign


    FG would ensure that the 5 main financial institutions would release high level data to the group and also consult with it

    And I'd ask that it report in weeks, say 6.

    Doing something professional like that would ensure FG would have my support.


    cYp
    "Yawn , am I alive yet ?"

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    Politics.ie Member westkerryblue's Avatar
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    Old news lads, FG came out with their alternative bank at the time NAMA was set up to dig the'friends of FF' out
    "If the price of peace is the blacking off my name, then it's a price I'll gladly pay" Michael Collins

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    Politics.ie Member Simbo67's Avatar
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