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Forum Newbie
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Last Login: 25/09/2009 10:22:05
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I see from Friday's Irish Times Business section that the EU Competition Commissioner has promised to ensure that when she reviews NAMA that the Irish taxpayer is protected and that it is not a state aid to the bank's shareholders. This is good news and a positive move from the EU! The EU should make this more widely known, especially for people like me who are very concerned in relation to NAMA. I think some people may vote No as a protest to NAMA.
I cannot see how the Irish government should be paying €7bn over an estimated current market value for the properties/land behind the loans. I think the long term economic value is below the current market value, especially with the interest rate rises that will happen over the next few years. The bank shareholders must think that NAMA is a good deal for them given the big surge in the share prices of the Irish banks following the NAMA announcement. I hope the EU limits/blocks this transfer of money from the Irish taxpayer to the bank shareholders and ensures that the Irish taxpayer has not overpaid for the loans. Also, can the EU say what better alternatives would be? If so, they should.
I think the EU should also look at the general competitive landscape of the Irish banking, it seems to me that the Dutch bank, Rabobank, that owns ACC Bank here is the only bank in Ireland doing something on the non payment of loans and rolled up interest by the property developers. The other banks are not acting and it seems a collective collusion not to act, as it seems that if one bank acts before the other the whole house of cards in relation to those loans will fall, it seems to me they are all waiting for NAMA to bail them out! In this regard, I am surpised Rabobank has not complained to the EU in relation the banking market in Ireland to investigate whether it is anti-competitive for them.
I think if the ordinary Irish taxpayer could see a more active EU protecting them from NAMA and encouraging more proper competition among the banks, I think it would encourage more to vote Yes and lead to less of a protest vote against the FF Government and NAMA.
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Forum Guru
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Last Login: 12/11/2009 11:42:47
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| @2b - in a way, I'm voting yes as a protest against the government. I've been paying tax now for about 23 years and I've seen government after government (mostly Fianna Fail) wasting it, and rewarding the well off or the lazy. I'd love if the EU gave them a slap upside the head. Unfortunately, the EU won't have that much power over Irish politics.
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Forum Newbie
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Last Login: 25/09/2009 10:22:05
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I see your point
I too, given what has happened here over the past few years, would welcome a stonger EU than can slap our Irish politicans on the head for example blowing our budget or not looking after Ireland's environment.
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Forum Member
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Last Login: 14/04/2010 11:04:05
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2B (21/09/2009)
I see your point
I too, given what has happened here over the past few years, would welcome a stonger EU than can slap our Irish politicans on the head for example blowing our budget or not looking after Ireland's environment.
Definitely!
Clearly we don't have the capacity to govern ourselves, or elect functional politicians.
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