Reaction to the Nama Bill
Siptu
The Nama Bill “socialises recklessly accumulated bank debts” and is not transparent enough to reassure taxpayers, according to trade union Siptu.
“Regrettably the bill shows no evidence of new thinking, no willingness to learn from past mistakes and every intention of making ordinary people pay for the squandermania of the rich and powerful,” said Siptu general president Jack O’Connor.
Irish Banking Federation
Nama will be “crucially important in restoring health and stability to our banking system and to the wider economy”, according to the IBF, which said it would be examining the draft legislation in detail and working in consultation with its member banks “with the aim of ensuring its timely progress to commencement and operation”.
Chambers Ireland
The business organisation Chambers Ireland welcomed the publication of the draft Bill and called for a speedy debate on the issues. “We are concerned that it will be difficult to reach conclusions on the effectiveness of the proposals in the absence of the detailed regulations on how the long-term economic value is to be calculated,” said chief executive Ian Talbot.
Focus Ireland
The housing organisation described the draft Nama legislation as a “missed opportunity to tackle growing housing needs in Ireland”. The Bill makes no mention of the social value of the houses and building land. The introduction of Nama could have provided an opportunity to make empty homes available to people who need them, said Focus Ireland director of advocacy Mike Allen.
Construction Industry Federation
The construction industry lobby group said it would consider the Bill in consultation with its members, adding that CIF supports the major restructuring of Ireland’s banking system, in which Nama will play “an important part”.