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NAMA: Call for public debate
LIMERICK City North councillor Maurice Quinlivan of Sinn Fein says the public should decide whether NAMA is adopted.
His calls come as it emerged that Fine Gael will vote against the National Assets Management Agency which will expose the majority of 'bad debts' to tax payers.
The legislation is expected to be passed through the Dail, albeit only by a slight majority.
However, Cllr Quinlivan said the implications the new set-up will have mean it is crucial the legislation is put before the people - just weeks before they go to the polls for the second referendum on the Lisbon Treaty.
He said: "NAMA will have such huge implications both for Irish taxpayers now and in future generations that it should be put to a referendum. The plan to pay banks long-term economic valuations for bad loans, as opposed to current market value makes NAMA a very bad deal for taxpayers. The government's argument that this will prevent the need for recapitalisation later is disingenuous. With recapitalisation the taxpayer owns a stake in the banks. Overpaying for bad loans simply means the taxpayer has overpaid for bad loans. Taking losses for the banks without ensuring an element of control in banking practice thereafter is utterly irresponsible."
Ballynanty native Cllr Quinlivan said NAMA "does nothing to help ordinary homeowners and businesses facing repossession and economic hardship. They must continue to pay their debts, while developers' bad loans are nursed indefinitely by the state," he said.
"Sinn Fin believes the only way to deal with the current crisis is to nationalise the banks and create a 'legacy' bad bank to deal with the bad loans that the nationalised banks will have to write down. This is like what Sweden did in the 1990's and offers far more security for the taxpayer. The restructured banking sector envisaged by Sinn Fin goes far beyond just restoring 'normality' to the system.
"There was nothing normal about a sector that systematically overcharged and robbed customers, was complicit in tax evasion and routinely withdrew access to financial services from working class and rural areas because of profit pursuit. As well as intense and effective regulation of the sector, we want to see a banking system that contributes to the greater good of the economy and society as a whole. We also want to see all those who participated in and encouraged the practices that brought about the current crisis held to account and criminal convictions pursued."
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Saturday 04 February 2012
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