Bankers continuing to set the agenda as NAMA set up to rescue Fianna Fáil’s fat cat friends – Morgan
Sinn Féin Finance Spokesperson Arthur Morgan TD has said the establishment of the National Assets Management Agency risks financial ruin for the state.
Speaking today Deputy Morgan said, "The Government has once again prioritised their dodgy development friends over the public interest in what is one of the biggest bailouts in the history of the state.
"The establishment of the National Assets Management Agency risks financial ruin for the state. We will not know what the potential liability to the state will be for buying toxic debts.
"The Government has admitted that up to €30 billion of property is based in foreign countries. Owning supermarkets from Birmingham to Beijing is not the public interest and will be absolutely no benefit to the Irish economy.
"Even if NAMA are to take hold of properties are knocked down values the Government will have to make up the shortfall in the banks through further substantial recapitalisation." ENDS