IrishDáil suspended twice during Nama debate

[IrishWorker]

Dáil suspended twice during Nama debate

http://breakingnews.ie/images/article/printer.gif Print (http://breakingnews.ie/print/eycwgbgbmhmh/)http://grouptivityread.appspot.com/image?url=http%3a%2f%2fwww.breakingnews.ie%2firela nd%2fdail-suspended-twice-during-nama-debate-426633.html&pId=Js%2bcko7fyno%3d&title=D%c3%a1il+suspended+twice+during+Nama+debate http://breakingnews.ie/images/article/email.gif Email+ (http://breakingnews.ie/ireland/dail-suspended-twice-during-nama-debate-426633.html#mon)http://breakingnews.ie/images/article/add.gif Share+ (http://breakingnews.ie/ireland/dail-suspended-twice-during-nama-debate-426633.html#mon)
http://newsfeed.tcm.ie/media/images/b/brianlenihantalkstomikespa.jpg Finance Minister Brian Lenihan

16/09/2009 - 16:21:49
Fine Gael and Labour are opposing the Bill put forward by the Government on the bank recovery plan, Nama.

Enda Kenny says members of Fianna Fáil and the Greens do not fully support the Bill.

The Dáil was suspended twice amid rowdy scenes within minutes of starting today’s debate.

Much of the furore was caused by Sinn Féin finance spokesperson Arthur Morgan, who refused repeated requests from Ceann Comhairle John O’Donoghue to leave the House.

Taoiseach Brian Cowen described interruptions as juvenile, while Sinn Féin called on the Government to resign.

Finance Minister Brian Lenihan is to announce this afternoon how much Nama will pay the banks to take control of toxic and risky loans.

Shares in the two main banks are down ahead of the announcement.

Read more: http://breakingnews.ie/ireland/dail-suspended-twice-during-nama-debate-426633.html#ixzz0RHtOnaLB

[IrishWorker]

http://www.youtube.com/watch?v=suo8xHDTEJE

[IrishWorker]

Protests greet TDs debating Nama plan

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http://newsfeed.tcm.ie/media/images/n/namaprotest16sept09.jpg
16/09/2009 - 17:12:14
Government TDs returning to the Dáil after summer recess today faced angry protests against the State’s National Asset Management Agency (Nama) scheme and allegations of a bail-out for financial institutions.

The Labour Party joined forces with union members outside Leinster House to voice their dissent as politicians discussed the Nama plan.

Labour finance spokeswoman Joan Burton said the debate marked a red letter day for Irish democracy and called for the proposals to be scrapped.

“The Government are threatening today to massively overpay for the bad loans and the toxic debt of the banks, and that just means there’s a huge transfer of the debt to ordinary citizens,” she said.

“I say take the banks into temporary nationalisation, sort them out and get credit and money flowing again.”

Around 200 union members from Siptu and the Technical Engineering and Electrical Union (TEEU) also took part in the demonstration.

Siptu national industrial secretary Gerry McCormack said the protest sent out a clear message that the country did not want Nama.

“People are angry. They don’t understand why the people of this country are being threatened every day with their jobs and we have these people, the bankers and speculators, being bailed out by the Government,” he said.

“If we’re going to pay for the bailout of these banks then we should at least own them.”

Earlier, protesters from the United Alliance Against Cuts (UAAC) gathered at Leinster House and vowed to continue demonstrations against Nama.

Activists dressed as bankers in gold suits stood at the gates of the building, bearing wads of fake cash and tricolour flags which read “Ireland for Sale”.

UAAC spokesman Richard Boyd Barrett said the protests would continue until the Nama scheme was abandoned.

“There’s daylight robbery going on in the building behind us – the Government take billions of public money and pour it into these banks and developers,” he said.

“We’re going to be escalating our protests until this crazy Nama plan is off the agenda and the responsibility is laid at the door of the people who put us in this crisis in the first place.”

Read more: http://breakingnews.ie/ireland/protests-greet-tds-debating-nama-plan-426639.html#ixzz0RHuNF48V

[IrishWorker]

Nama to spend €54bn on toxic loans

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http://newsfeed.tcm.ie/media/images/b/brianlenihan2.jpg
16/09/2009 - 16:39:39
The National Asset Management Agency (Nama) will pay out €54bn to take toxic loans out of Ireland's main banks, it was announced today.

In the biggest financial rescue package in the State’s history, Finance Minister Brian Lenihan said that Nama will issue Government bonds – for the €77bn in borrowings.

Mr Lenihan said the Irish people were understandably angry about the state of the banks and appalled by the details of the reprehensible behaviour of some in the financial system and in the property sector.

“There is now unfortunately a breakdown of trust in the entire system,” he said.

However, the public also knows economic recovery cannot come without fixing the banking system, which should be extremely grateful for the taxpayers’ help, he claimed.

“So we must all now overcome our understandable anger and get on with the business of reform,” he added.

Mr Lenihan revealed that the current market value of the property and other assets for which the loans were taken out was €47bn, which means the taxpayer-backed Nama would be paying €7bn over the odds.

However, the Finance Minister argued that the property market was now “bottoming out” and the value of the toxic assets will begin to rise again, with the risks shared between the taxpayer and the banks.

“We are here to help the economy and people by putting our financial system back on track,” he said.

“We cannot do that by forcing banks to sell assets at below what would be rational prices for them.”

The controversial National Assets Management Agency was designed to take impaired or bad loans out of six Irish banks, so they could start lending as normal again and kickstart the economy.

The toxic debts are mostly owed by speculators who bought big during the Celtic Tiger boom years but who now cannot – or will not – repay them after the property market collapsed.

The banks to be rescued – Bank of Ireland, Allied Irish Bank, EBS building society, Irish Nationwide, Irish Life and Permanent and the now-nationalised Anglo-Irish Bank – were already brought under an emergency €400bn State guarantee last year.

Read more: http://breakingnews.ie/ireland/nama-to-spend-54bn-on-toxic-loans-426637.html#ixzz0RHuToaG9

[Hoggy_RS]

Fair play to Arthur Morgan.

[Gravedigger01]

Ha Arhur Morgan was brilliant there.Fair Play to him

[brigadista]

He wouldnt sit down would he!!!