MINISTER FOR Finance Brian Lenihan said the Labour Party’s alternative to the National Asset Management Agency (Nama) was advanced “in good faith”, while Fine Gael’s contribution to the debate was “not helpful”.
While he did not believe any Opposition party had yet advanced a sustainable alternative, Mr Lenihan said he would cost the Labour Party’s proposal to nationalise the two main banks temporarily.
“I do accept that the Labour Party has put forward a proposal in good faith and I will cost it next Wednesday. It is a very expensive proposal, but it is a proposal I accept that has been advanced in good faith,” he said. “I don’t to date see a sustainable alternative advanced by Fine Gael.”
Earlier this week, Fine Gael finance spokesman Richard Bruton described Nama as “a secretive, tax-funded, politically directed work-out process for 1,500 of the most powerful, well-connected business people in Ireland”.
Mr Lenihan was critical of Mr Bruton’s approach, when he spoke at a Fianna Fáil-organised press conference on the Lisbon Treaty referendum yesterday.
“I really felt that what was stated by Richard Bruton that this was a conspiracy to enrich 1,500 borrowers was not helpful in the debate,” he said.
“Because let’s face facts: the Central Bank, the National Treasury Management Agency and my officials, and the officials at the European Central Bank, they’re not working on a plan to enrich 1,500 borrowers. Constructive debate will help this country resolve the Nama issues, destructive debate will not.”
Asked about the significance of the Green Party claiming credit for changes to the Bill, Mr Lenihan said: “Really I’m not worried about kudos for amendments, I’m worried about the country and getting this issue sorted out.”
He said the country was facing an issue of fundamental importance to the economy. Progress had to be made; an academic debate would not suffice.
“I think it’s important to realise that we can’t stand still on this issue, we have to move on. There’s an economy out there, it has to be sustained, it can’t be starved of cash forever,” he said.
“If I’m gone in eight weeks’ time someone else will have to appear and develop a ‘Bama’ instead of a Nama, because it isn’t as if there are huge choices facing this country on this issue.” Asked to explain what a Bama was, the Minister laughed and said: “a banking asset management agency”.
Meanwhile, Fine Gael leader Enda Kenny said his party continued to have “fundamental objections” to Nama which it would outline again when the Bill is debated in the Dáil on Wednesday. He said the Government “chose a consultant, they chose one idea, one platform and they got locked into that”.
Labour, which has said it will use every parliamentary tactic at its disposal to oppose Nama, has invited members of the public to join its demonstration outside Leinster House on Wednesday.
