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Reports on predicted NAMA losses depressing but unsurprising

5 July, 2010



Sinn Féin spokesperson on the economy, Arthur Morgan TD, has described reports that NAMA is not now expected to make anything like the profits predicted by the Government and could in fact make considerable losses as “deeply depressing for the taxpayer” but “unsurprising”.

Deputy Morgan said, “Reports suggest that NAMA is not going to realise anything like the Government predicted €4.8 billion in profits. Some reports even suggest it will make considerable losses. Anybody with half a brain could have and in fact did predict that being the case. The entire scheme made absolutely no sense whatsoever – unless of course you were a banking or developer crony of this prostituted Government.

“While this news is deeply depressing for the taxpayer it is not surprising.

“Like every other utterance and madcap scheme from this economically illiterate and politically bankrupt Government the NAMA project was doomed from the start.

“Sinn Féin and others warned that this would be the case. But again because of lethal mixture of ignorance and arrogance they forged ahead – ensuring their friends in high places were protected while the taxpayer was forced to pick up the bill.

“This government needs to be forced from office sooner rather than later. It needs to be removed so that we can minimise the damage that is being done to both the economy and as a consequence the social infrastructure of the state.” ENDS

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