News Roundup……..Nama Referendum?

August 6, 2009

Sunday last, August 2, ’09, Sunday Independent:

Results of Sunday Independent/Quantum Research telephone poll published:

60%  say they would prefer the banks to be nationalised

78% unhappy with Mr Brian Cowen’s leadership

66% unhappy with finance Minister Brian Lenihan

83% felt the tax payer will not get a tax return from NAMA

94% want more transparency about the nature of the debts for which NAMA will make the tax payer liable

85% felt NAMA was “another bail-out for the banks

Ronald Quinlan of Irish Independent p2 reports “it emerged that legislation for the so-called ‘bad bank’ does not appear to have any provision for developers who go into receivership or liquidation prior to the agency’s establishment”

Alan Ruddock in the same paper writes:

“The unavoidable consequence of playing hardball with the banks is that the state will end up owning them,  but temporary nationalisation is the least worst solution once we have chosen NAMA as the optimal course of action. Nama and nationalisation are not competing options,  they are complimentary ones…” ”  Lenihan talked on the hard bargain that he would drive for taxpayers

“We start with the market principle”,  he told RTE’s Morning Ireland.  “I think that’s fundamental in this valuation procedure.  Some allowances can be made for longer-term economic values, but it can’t be used…to benefit shareholders of the banks.  It has to be on the basis of the fundamental fairness of the price.”

Won’t it be interesting if the courts rule in favour of ACC Bank and Liam Carroll’s hive of companies, Zoe Developments, are put into liquidation.  The resulting firesale of property should bench-mark market value. … We await the valuation NAMA will strike for its toxic portfolio!

Brendan O Connor, Sunday Independent, same day:

“Can you imagine the gravy train and the waste that’s  going to go in between the civil service and the banks on this one?  I saw just a taste of what’s to come in the paper last month. It was just a tiny little article saying HSBC had won the contract to give banking and financial advice to NAMA. It’s worth a quarter of a million for starters. Pricewaterhouse Coopers will be giving tax advice: €200K for starters. And that’s only the beginning for something that will make the HSE and the tribunals look like Mom and Pop corner shops. The sheer size and complexity of this will tie this country up in knots for years.

A final word in this post on NAMA itself. Isn’t it curious that  legislation underpinning NAMA has not passed through the DAIL before  NAMA  itself  is up and running. Brendan O Connor is right, the gravy train already noted is but the tip of the iceberg for what’s to come…

Given the gravity of what is at stake here, surely that proposed legislation for NAMA, following the consultative stage, should go before the people in a referendum, to be held on the same day as our referendum on the Lisbon Treaty?

Democracy requires it. Congrats to all the writers quoted above.  In many ways you guys represent our only hope left ! Keep digging out the facts !!!

Much more to come !

SeeU

Colm

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