Canadian Banks…The Greens…NAMA Referendum

August 14, 2009

Hi

http://www.irishnews.com/break.asp?tbrk=brk&par=brk&catid=5834&subcatid=642&storyid=422491

Report as follows: “Breaking News

07:40 BUSINESS:  Canadian bank offers to take stake in AIBview list
14/08/09

A major Canadian bank is reportedly prepared to take a stake in AIB after the bank’s bad loans are transferred to the National Asset Management Agency.

Reports this morning say the Government and the bank received the offer around two weeks ago.

The Canadian bank in question has not been named.

The proposal is considered to be serious, but is unlikely to develop in the medium term due to continuing uncertainty over the operations of NAMA.”

I’d say there would be very few banks not interested in one of the Irish banks,  funded by the Irish tax payer through NAMA,  serving a market with artificially inflated property prices, guaranteed to reap a rich reward in mortgages to future Irish property owners.

Those with those hefty mortgages can comfort themselves they are paying the government through their taxes, to help the government, through NAMA, to keep their mortgages as high as possible.

Canada though is interesting because of its strong bank regulatory system. M0re to be noted is the lack of focus on our own failed regulatory system. Shouldn’t we be publicly attempting to build/design a regulatory system, that can crash proof both our economy and banks. All we get are some platitudes that we’ll look at the banks more closely in the future….there should be a public enquiry into our banks regulatory system and how it acted over the past five years. There ought also to be a public enquiry, with criminal prosecutions if required, into the property loans advanced to property developers over the past 5-10 years.

http://www.namasayno.com/valuation.html

It’s cool there are some wise people in The Greens asking for a national convention to debate if they should support NAMA:

http://www.independent.ie/breaking-news/national-news/politics/greens-want-special-convention-on-nama-plan-1858880.html

Other parties should follow suit.

One of the great dangers in this whole debate is the ‘turn off factor’, the public not wanting to know or understand the implications of NAMA.

Recent polls have shown there is great awareness in the public mind of the dangers of NAMA for tax payers, but just as in the case of the Lisbon Treaty, there is lacking an informed knowledge of the full implications of NAMA for the tax payer and the Irish economy. There needs to be greater public debate.

A Referendum on NAMA would require the Irish public to be more informed by all sides on the implications of NAMA. I believe the government do not want that.

It is transparently obvious the banks should be nationalised as soon as possible. NAMA should operate on behalf of the Irish tax payers to limit the exposure of the Irish tax payer to the toxic loans.

With a cleaned banking system, our banks should then return to the private sector and hopefully sold to those who can run them properly, such as the Canadian interests, who are  familiar with good regulatory practice within their own economy.

Meanwhile we must ask of the government, in the face of such overwhelming arguments to the contrary, why they wish to retain the failed Irish banks in private ownership. Are there any special interests at work here, any  shareholders within the banks with influence on our government?

Much probing, analysis, investigation needs to take place to prevent a financial chatastrophe for tax payers and our economy.

Its up to our media to discharge its responsibility to inform us on whatever it can discover that will help us probe further into the murky world of smoke and mirrors that is upon us. Remember, the hype about endowment mortgages, the NAMA scam, as presently configured way pales that in comparison.

Great kudos to our courts in unmasking O Carroll ZOE :

http://www.askaboutmoney.com/showthread.php?p=910590

rgds

Colm

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