NAMA is working its way through the Dáil. Hundreds of amendments are being tabled by the opposition almost all of which are ignored. However the whole basis of NAMA is flawed. Most people realise that NAMA is a bad deal for them as a taxpayer and they are right. I offer below nine reasons why it is a bad deal and I would be happy to debate this issue with any member of Fianna Fáil or this Government.
Nine reasons to say ‘No to NAMA’:
(1) Economists have estimated NAMA will cost each man, woman and child in the state €15,000 (€60-€70 billion). That’s a lot of hospitals, schools, jobs and public infrastructure.
(2) The Government has done nothing to help families and businesses facing repossession, negative equity and economic hardship, they still have to pay their bills, and it is raising taxes and cutting public spending to pay for the mess they, the banks and developers have made.
(3) NAMA will pay more for developers’ loans than they are worth and let them pay them back at their leisure.
(4)The Bill relies on banks to act in ‘good faith’ when giving the taxpayer information about the bad loans.
(5)The loans these developers were given helped to drive up house prices, so we’re being made to pay twice.
(6)NAMA will be able to give taxpayers’ money to developers to finish projects and even force a purchase on land in the way of developments.
(7)The Minister for Finance (currently a Fianna Fáiler – the builders’ friends) will have the power to overturn ‘independent’ valuation of developers’ loans made by NAMA and pay them more.
(8)There is no guarantee that the banks will start lending even after NAMA clears their bank sheets.
(9) It will cost money to sort out the banks and the bad loans but nationalisation would allow us to deal with the developers, kick out the corrupt management, get banks lending again, protect homeowners and businesses, and entail the least pain for the taxpayer.