Madam, – I find two particular aspects of Nama especially troubling.
First, Section 88 of the proposed National Asset Management Agency Bill which appears to enable the Minister for Finance to make exceptions from the rights of Nama to enforce security, in circumstances where “undue fairness or undue hardship” arise. The mantra from Government is that developers will be pursued until all money is repaid and that they will be forced into bankruptcy – if necessary. However, there is a genuine concern that local politicians and backbench TDs will lobby Government for their local developers to be given special treatment.
It is incumbent on the Minister to ensure that any lobbying – of whatever nature – to Nama is criminalised. Only then can we be sure that Nama will not become the victim of the parish pump politics that has plagued our country since its inception.
Second, the Taoiseach stated unequivocally on the Late Late Show last Friday that Nama will not lose money, and that if it does, a levy will be imposed on banks to recoup the shortfall. This sounds great, and has also been repeated by other members of the Government. But it is simply untrue. The Nama legislation does not provide for a levy to be imposed on banks in the event that Nama ultimately loses money.
Rather, the Taoiseach and other Ministers are making a promise that when the dust settles in 20 years time that a future government will impose a levy to recoup the shortfall. This is far removed from a guarantee, and the Government should immediately stop peddling this distortion. I will make up my own mind about whether its promise will ever be fulfilled. – Yours, etc,
Madam, – Would it not be a good idea for all members of the Oireachtas but particularly Government ministers to make a full declaration of interest about their shareholdings in AIB, Bank of Ireland and the other banks which will benefit from Nama before the issue is debated and voted on in the coming weeks?
In the interest of “openness and transparency” surely we the taxpayers are entitled to know how many shares they own and what price they paid for each tranche? The declaration should extend to their families in the same way as the Standards in Public Office declaration. – Yours, etc,
Madam, – As usual, Fintan O’Toole’s comments are reasoned and correct – but incomplete (Opinion, September 8th).
He makes a social, moral and educational argument against Nama. To convince the diehards who still believe in Tiger-values (which Nama is built upon) it might be helpful to point out: 1. a renewed bubble will keep us in premium-land for another few decades, making a joke of competitiveness. 2. We know that bubbles work – for the instigators, the cheerleaders, the first to get on and off the merry-go-round.
Even as patient a people as the Irish might not take this lying down twice in a row.
And while all of the above is important, what we need most now is for the failures in Fianna Fáil to step aside so that a positive vision for the country and the people becomes possible. – Yours, etc,
