Taoiseach defends plan to pay above market price

TAOISEACH Brian Cowen last night defended the Government’s intention to pay above the current market value for the property loans it will take from the banks.

He also accepted the Government had more work to do to convince the public establishing a National Asset Management Agency (NAMA) to acquire the loans was the right way forward.

“I think there’s more to be done in communicating it obviously,” Mr Cowen admitted in his first press conference since his holidays. “It is a complex and arduous issue both conceptually and in terms of its practical implementation. It’s not simple stuff. But the fact is... we have to confront this issue head on and take it on and do what’s necessary.”