Mixed reaction to draft Nama legislation

There has been mixed reaction today to the publication of the draft text of the proposed legislation for the National Asset Management Agency (Nama) to manage the bad debt of the banks.

Chambers Ireland welcomed the move, and called for a speedy debate on the issues.

“While we welcome today’s publication, we are concerned that it will be difficult to reach conclusions on the effectiveness of the proposals in the absence of the detailed regulations on how the long-term economic value is to be calculated,” said Chambers Ireland chief executive Ian Talbot.

“These regulations are due to be published in September and there must not be any slippage on this date.”

The Construction Industry Federation (CIF) said it will consider the draft NAMA legislation in full consultation with its members.

“As has been stated on a number of occasions, the CIF supports the major restructuring, of which NAMA is an important part, of Ireland’s banking system and wider economy,” said a statement.

“Restoring international investor and consumer confidence in our banking system is not only a priority but a vital pre-requisite for recovery in construction and all sectors of the economy.

“The Federation will study the draft legislation in detail and will respond once its deliberations have been concluded.”

Sinn Féin finance spokesperson Arthur Morgan TD accused the Government and the banks of perpetrating “the crime of the century”.

“Every euro of the €10bn already pumped into Anglo, AIB and Bank of Ireland on top of the astronomical cost of NAMA is a euro being taken out of vital public services such as education, health, job creation and the delivery of critical infrastructure,” said the Louth TD.

“And the weight of debt on future generations is as yet immeasurable.

“Fianna Fáil, the banks and property developers are responsible for Ireland’s economic crash, as is the Green Party for its refusal to reign in its government partners, and indeed the party’s role in burdening generations with unprecedented debt and crippling our public finances for who knows how long.”

“Despite the banking sectors legacy of reckless lending and the Government’s out-of-control property tax relief’s not a single Government Minister or banking executive has been held to account. There has public hand wringing and a lot of brazen faces yet in real terms everything has remained the same.”