Sinn Féin - On Your Side

Future generations to shoulder the burden of NAMA – Doherty

9 November, 2009 - by Pearse Doherty TD

Speaking in the Seanad today on the NAMA legislation Sinn Féin Senator Pearse Doherty criticised the Government for proposing €4billion cuts in public spending while spending €54billion bailing out an elite of bankers, developers and property speculators.

Senator Doherty said:

“Today is a dark day for this country. The minister can sit there and feign mock compassion but in reality he will not have to worry about paying his mortgage, his bills, putting food on the table – the political class is not just out of touch, it is downright rotten.

“Well Minister I hope you’re happy. You have successfully screwed over the people.

“NAMA will see Irish workers on low wages, the unemployed and those dependent on social welfare thrown overboard to make room in the lifeboat for an elite of bankers and developers whose greed has brought the 26 County state to the brink of bankruptcy.

“The total cost of the NAMA robbery will be €54 billion. That’s approximately €12,000 for every man, woman and child in this state. But this is a necessary robbery, according to the Minister for Finance. The banks lent too much to a small number of profit-mad greedy developers and the government cheer-led the whole sorry saga with billions in tax-breaks, and now our banking system has collapsed. Capitalism brought about the downfall, but we can’t let capitalism sort itself out. The taxpayer is being made to step in with €54 billion and bail out the banks, the developers, property speculators and a corrupt government.

“We are now facing a situation where the government is telling us it must reduce the public spending deficit by €4 billion this December, while at the same time, it is arranging borrowing of over €54 billion to buy toxic loans from irresponsible banks. It has set up a ‘Special Purpose Vehicle’ to keep this borrowing off the government balance sheet, in an attempt to make it look like the country is borrowing less than it actually is. In truth, our public deficit would more manageable and we could even create a stimulus, as Sinn Féin’s pre-budget will show, if the NAMA plan were scrapped.

“The real damage of NAMA will not be known until it is too late. Already shreds of information are being revealed which show the involvement of private developers and investors in its operation. NAMA is the politics of postponement. The true damage of it will not be seen until this government is gone. It will be future generations of Irish people that will shoulder the heaviest burden of this legislation.” ENDS

Connect with Sinn Féin