Why the unseemly rush to establish NAMA?

WHY the rush to establish NAMA?

Is one of the major banks about to collapse?

Is the IMF banging on the door?

Is the ECB refusing support?

Is the sky about to fall?

So far the only cogent reason given for NAMA is to get credit flowing from the banks.

This, however, does not stand up to scrutiny. Can anyone think of a business currently wishing to borrow to finance new equipment, new buildings, new vehicles or increased stocks?

There are precious few indeed. Most businesses are in survival mode, hatches firmly battened down and hoping to ride out the storm. Likewise, most families and individuals have stopped borrowing for the time being.

So it’s not rocket science to conclude that the dramatic fall-off in credit is simply due to lack of demand.

Again this begs the question, why the unseemly rush to establish NAMA?

Is there something they’re not telling us? In this momentous matter the Government should hasten very slowly.

Dick Keane

Silchester Park

Glenageary

Co Dublin