17 September 2009 Edition
NAMA has far reaching implications for the Island of Ireland economy
SINN FÉIN Economy Spokesperson in the North, Mitchel McLaughlin MLA (South Antrim) has stated that the Irish Government’s National Assets Management Agency proposals (NAMA) will have detrimental implications for the economy across the Island of Ireland if it were to go ahead and he has submitted a motion to the North’s Assembly calling for an all-Ireland economic summit to address the economic implications for the Island and to find alternatives to NAMA which will assist in the economic recovery on an island wide basis.
Speaking following the submission of the the Sinn Féin Assembly motion dealing with the implications of NAMA McLaughlin said:
“NAMA is a scheme which the Irish Government has devised in order to buy ‘bad loans’ from the banks. It is the opinion of many, including Sinn Féin, that the plan from the outset is highly flawed and will place an immense economic burden on taxpayers both North and South while banks and developers walk away scot free.
“If the Irish Government is allowed to proceed with NAMA there will be profound repercussions for people living in the north as it is estimated that €4.8bn of assets are held in the north which would fall under the control of NAMA.
“Currently there is no stated timeframe for NAMA to take place. The very real danger is the possibility of NAMA having a rapid time frame and a minimal discount on the loans bought up. This could lead to a quick sale of land and properties in the North that will be included in this scheme.
“This, given the €4.8bn total would be a staggering amount of land to be placed on the market which in economic terms could see a plummeting of local prices and the free fall of the economy. Concluding Mr Mc Laughlin said.
“What is urgently required is not the private reassurances given to the Finance Minster, Sammy Wilson by his Dublin counterpart Brian Lenihan but an open and full debate in an All Ireland economic summit to find alternatives to NAMA and an all Ireland strategy towards mutual economic recovery.
“The two economies cannot operate in perfect isolation. Politicans in the North cannot bury their heads in the sand and let this blow over. Both economies are inter-dependant and measures must be taken in order to find common practices and close co-operation in future economic planning on an all Ireland.
Sinn Féin Assembly Motion selected for the 28 September 2009
“This Assembly expresses deep concern at the negative economic consequences for the Island of Ireland if the National Assets Management Agency legislation currently under consideration by Dáil Éireann is passed into law. This Assembly calls for the NSMC to discuss and agree a way forward in regards to these Assets which will ensure the economic stability of the Island of Ireland and movement towards economic growth”