NAMA

Friday 18th September

NAMA presents us with the most significant piece of legislation to come before the Oireachtas in many years. The investment in NAMA is a massive undertaking by the State to underpin Ireland’s financial system, which has been destroyed by greed, arrogance and sharp practice. I am not a huge fan of NAMA but I believe that at this stage it is the least bad option. The fact is that a solid working financial system is essential for underpinning the Irish economy and Irish business. Banks are a source of working capital not just for developers but for small businesses and farmers. Without working capital business and family farms will go to the wall and we will see even greater unemployment. At this stage we have no choice but to implement NAMA and help the banks get back to business.

But not to business as usual! It is now clear that the system of regulation in Ireland did not work. We need to know the reasons why. We need practical action to ensure that similar failings do not appear again. And we need to see these who engaged in reckless trading named, shamed and punished. Some of the banking practices engaged in during the boom amounted to economic treason. The cost to the country is not just the cost of NAMA but the cost to thousands of families facing negative equity, long commutes and possible unemployment. There is a moral imperative on the Government to take action to bring the guilty to justice.