Urgent need for debate on NAMA and the Banks

Yesterday in the Seanad I asked why we are being given the runaround with regard to a debate on the banks and NAMA. The only logical explanation is that the Government is at sea on the banks and totally confused with results such as those posted by AIB yesterday.

The implications for the Government of the corrections to the NAMA scheme in the final approval being given by the Commission may not yet have been fully assessed.

At the same time, I do not consider it acceptable because last year the Leader promised that we would be regularly updated on NAMA. For two weeks in succession, he has promised the House a debate on the banks and NAMA.

We are a year and a half into the banking crisis, credit is still not flowing, no one is responsible for what has happened and no one has been held responsible. It can be seen in the AIB results that between bond buybacks, the selling of assets, the transferring of toxic loans to NAMA, the rights issue and the divesting of assets, that it will be another 18 months before all of this is done and dusted and credit flows.

It would be very useful to have a debate on the banks as well as some clarity on the part of the Government as to where we go from here.