Why I am voting against the Programme for Government

NAMA is like a mortgage taken out by the state and securitised by the public finances. We should therefore seriously consider whether a state that is already borrowing heavily just to meet daily expenses is in a position to take on such a mortgage. In the case of a household or business the answer would be no.

We need to wake up to the fact that, as a small open economy, Ireland cannot afford to take on such a risky mortgage until our public finances are put on a sound footing. This means that we should hold off on NAMA at least until our current deficit is within the recommended 3% GDP threshold, and also until our massive levels of private sector debt, which stood in July at €384 billion, have been significantly reduced.

To take on the gamble of NAMA, or nationalising the banks for that matter, under the present circumstances would be to ignore the risks involved.