Surge in bank shares shows ‘NAMA is a bail-out’

THE sudden surge in bank shares was seized on by opposition leaders last night to ridicule claims by Brian Cowen that NAMA was not a bail-out.

Fine Gael leader Enda Kenny said developers and speculators had “popped champagne corks” at the news that taxpayers’ cash was to be used to pay banks €7bn above the current value of “toxic” property loans.

In another sign of potential trouble for the Taoiseach, Green leader John Gormley warned the re-negotiated programme for government needed the backing of grassroots activists if the coalition was to survive the party’s special convention on October 10.