Opposition parties have renewed their criticism of the National Asset Management Agency (Nama) on the day when it transferred the first tranche of loans from the banking sector.
Fine Gael finance spokesman Richard Bruton said the decisions outlined by Minister for Finance Brian Lenihan in the Dáil today could double the national debt.
He said the taxpayer was now facing “a bill of €40 billion and rising for the bail-out of Anglo Irish Bank.”
“The Government are throwing good money after bad with Anglo Irish Bank – to the tune of €40 billion and counting.”
He said Fine Gael favoured winding up Anglo in an orderly fashion and allowing the creditors to recover whatever value they could.
“The Government’s argument against such a course of action is based on trying to scare people in to believing that any option but their own is too costly. This simply isn’t true.”
Mr Bruton called on Mr Lenihan to publish the evidence he was basing his decision on regarding Anglo so the public and relevant experts can make an informed judgement on the Government’s strategy.
Deputy leader of the Labour Party, Joan Burton TD, said the Government had taken the scenic route to nationalisation of the banking system.
"Now be left with the worst of both worlds - a nationalised banking sector alongside the risky Nama bailout," she said.
She described the recapitalisation and transfer of assets as socialism for bankers and developers and said the consequence would see each taxpayer facing a debt of €22,000 of debt for cost of recapitalising Anglo Irish alone.
Speaking in the Dáil this evening on the Government’s banking motion Sinn Féin finance spokesman Arthur Morgan TD said the financial ramifications of the bank bailout would be felt for generations.
He said the Government had no authority to implement the plan and that taxpayers are being denied a say.