TAOISEACH BRIAN Cowen expressed confidence last night that the Government would get sufficient Dáil support to pass the proposed legislation to establish the National Asset Management Agency (Nama).
But he left the door open to “appropriate” amendments from the Green Party or other sources.
Speaking at Fleadh Cheoil na hÉireann, which is taking place at Tullamore in his own constituency of Laois-Offaly, Mr Cowen dismissed Fine Gael leader Enda Kenny’s attack on Nama at the Humbert Summer School earlier in the day as “glib one-liners”.
Asked if he was confident, given the recent resignations from the Fianna Fáil parliamentary party of two TDs, that the Government would have enough Dáil votes to get the Nama legislation through, Mr Cowen replied: “Yes, I am confident that, on the basic economic policies of the Government, there will be majority support for these proposals.
“It’s important at this time that we simply get on with implementing these policy decisions now.
“Obviously, listening to what people have to say, taking amendments where they are appropriate, but getting on with the business is the focus of our work for the coming weeks and months. There’s a lot of work to do.”
Asked to comment on reports that the Green Party would be holding a special conference on the Nama legislation in early September, Mr Cowen said: “The point is that the Government have published this draft legislation precisely because we want to hear people’s views on it.”
Responding to Green concerns about Nama’s implications for the taxpayer, he continued: “We’ll consider all options that people put forward to us regarding the detailed legislation itself. But clearly the Government have indicated their views, and we’re doing this on the basis that we want to protect the taxpayers’ interests – that’s why we’re bringing it forward.”
Questioned as to whether he saw any scope for major changes in the draft legislation, he said: “We want a strong debate on the issues so that all of the issues are dealt with. But the fundamental direction, if you like the approach that we have taken, has been outlined and that’s the Government approach.”
Asked if by “Government approach”, he was including the Green members of the Cabinet, he replied: “Of course. Government decisions have been made to bring forward the draft Bill, to publish it, to allow [time] for people to consider it and to bring forward their views.”
Mr Cowen appeared relaxed about the prospect of a Green Party convention discussing the Nama Bill.
“Every organisation, everyone who has an interest in the country will want to have a debate about it.
“We produced the draft Bill precisely for that purpose.
“During the course of this month, people have had a very good opportunity to consider all of the aspects of this legislation. So the bottom line is that it is important that the legislation be enacted, we have brought forward our draft Bill.
“The Bill will be brought to the House and debated and, if there are good suggestions for consideration, of course we’ll consider them.”
Questioned about the extent of the so-called “haircut” or discount the banks would have to take on their loans to developers, Mr Cowen said: “That’s very much dictated by the EU guidelines that have been set out in relation to how you do that valuation.
“There’s a valuation method that will be in line with EU guidelines on how distressed assets are dealt with and it’s important that people would recognise that that is an objective exercise as well.”
He added: “The other big priority, of course, which is tied up with the future for the economy too, is the Lisbon Treaty referendum, and the need to get a Yes vote there is very important as part of the country’s response to dealing with the economic situation we find ourselves in.”
