What possible lie could a banker tell NAMA that NAMA and the Government had not already slipped over on the public?
So, the real repository of information on the cost of the bank Bailout is the Government, through its proxy, NAMA.
1. NAMA was set up by the Government expressly for the purposes of paying the “long-term economic value” for bank assets. 2. “Long-term economic value” (“LTEV”) was a notion supplied to the Government by the Commission of the European Union. This writer cannot say from where the Commission derived it, but it is possible the Commission is not “wedded” to the notion, unlike the Irish Government. 3. In the context of the establishment of NAMA, it was insinuated that LTEV […]
Readers of this blog may recall a Freedom of Information request to the Taoiseach and the Minister for Finance for details of the discussion between the Government and the EU Commission relating to the price at which Irish bank assets would transfer into NAMA. That information was never furnished. It is no surprise, therefore that NAMA has claimed exemption from complying with any Freedom of Information requests. There is a possibility for some information leakage, however. J K Galbraith records, […]
Is NAMA “the State”?
What does “occupied” mean?
A lot of money hangs on those questions.
Now the plan is under consideration by the EU Commission. Specifically it is being considered by Joaquin Almunia the new Commissioner for Competition. He is in fact not all that new; he used to be Commissioner for Economics and Monetary policy.
The Minister’s proposal is not suitable for legislation; it is suitable for a proclamation. He is, in effect, proposing to issue a call to arms, directed to the Nation, enjoining the citizens to embrace goodness and to avoid evil.
Conventionally, to propose a debate is to, impliedly, claim to be reasonable. Calling for a debate overlooks the fact that we cannot, and should not, submit everything to debate; where things are settled and agreed, they should not be opened to examination (and procrastination), unnecessarily.
At a time when the finances of the State are so badly stretched, Ireland cannot afford this.
You are reported in the Irish Times as having cited the European Commission, the International Monetary Fund and, possibly, the European Central Bank as having advised the Government (i.e., you) to adopt the NAMA solution to Ireland’s financial woes.