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NAMA robs the people in true Fianna Fáil tradition – Ferris

16 September, 2009 - by Martin Ferris TD

Sinn Féin TD Martin Ferris, speaking in the Dáil this evening, said the government was robbing the Irish people of approximately €12,000 from every man, woman and child with its NAMA proposal. He said the actions of the government could not be put down to ineptitude claiming that they know exactly what they are doing and they have a tradition of doing it.

Martin Ferris said:

“We’ve found out today that NAMA is going to cost the Irish people €54 billion. That’s approximately €12,000 for every man, woman and child in the state and that is before recapitalisation. If we use the recent Liam Carroll example in the high courts, that €77 billion worth of loans would be lucky to be repaid at €20 billion, yet this state is paying €54 billion for them.

“It is robbery, but it is a necessary robbery, according to the elected representatives sitting opposite. The banks lent too much to a small number of profit-mad, greedy developers and the government cheered them on 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 must step in with €54 billion and bail out the banks, the developers and the most corrupt government in the history of the state. We can privatise profit, but we must socialise debt.

“We can’t put any of this down to ineptitude. This government knows exactly what it is doing to the Irish people. Fianna Fáil has a tradition of stealing from the taxpayer and then lying about it. But what they’ve done to date is nothing compared to what they’re planning to do. Not only are you robbing this generation, but the next and the one after that too.

“Sinn Féin has been calling all summer for a referendum on NAMA. You cannot put through a Bill of this magnitude without asking the majority of people on the island if they support it. We all know why Fianna Fáil won’t support a referendum – they know asking people to vote yes to NAMA is akin to asking turkeys to vote for Christmas.

"However we are calling on all TDs and Senators to sign the petition for a referendum which we have circulated to call on the President to hold a referendum. This issue is of such importance that it is imperative we ask the people what they want.

“There is a way out of this black hole that Fianna Fáil has dug for the country along with its friends the developers and speculators. That way is nationalisation. It will cost money, but it will not cost what NAMA is costing and the taxpayer will own the banks and be able to clear them out once and for all.

“Sinn Féin is not interested in temporary nationalisation like the Labour party. We would not hand back these banks to the very sector that ruined them. We would instead create a state bank which will foster the economy and give ordinary citizens the right to a bank account and a secure and affordable mortgage.

“The people do not want the government's solutions to the economic crisis it caused. Fianna Fáil and the Greens no longer have their mandate. If they proceed with NAMA, if they push through all the cuts in the report from An Bord Snip and if they deliver the Budget the whole country is expecting them to deliver, they will have ruined us. They should put themselves to the test, call an election and see if the people support their policies.” ENDS

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