Anglo Irish Bank and NAMA policy
Kenny urged the Government to invest in economic stimulus or split Anglo Irish Bank into good and bad banks rather than commit billions to it. The Taoiseach defended NAMA and the Government’s banking strategy as necessary to restore funding, while opponents disputed its effectiveness.
Fianna Fáil has forced the Green Party to adopt its economic strategy of cutting wages and writing blank cheques for banks. I understand that the Government proposes to invest up to €6 billion of taxpayers' money in the dead bank that is Anglo Irish Bank to pay off bond speculators and investors. There is an alternative. The Government can put that money into a stimulus package or it can break up Anglo Irish Bank into a good bank-bad bank, a concept put forward by Fine Gael more than 12 months ago.
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This would save the taxpayer serious money and would allow credit to flow to businesses——
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Ask the taxpayer to put in the €64 million.
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——in County Meath and elsewhere where jobs as being lost even as we speak.
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The Fine Gael Party has put forward a serious policy framework for job creation and security and new careers. The Taoiseach will not recognise this because he is locked into the tribal strait jacket of Fianna Fáil.
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From where did Deputy Kenny get that line?
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Is the Government prepared to break up Anglo Irish Bank, save the taxpayer money and provide a bad bank-good bank, the concept put forward by Fine Gael more than 12 months ago?
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It is never too late to clear the plate.
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The extraordinary basis for Fine Gael's economic policy is that its wishes, primarily, to raise bonds to fund all of these jobs of which Deputy Kenny speaks while at the same time default on bond holders. That is its idea of how one raises bonds. Fine Gael has as much understanding of——
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On the whole question of the establishment of NAMA and it becoming operational, the purpose of this is to ensure we have access to funding and that we can reduce the cost of funding——
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Never mind Fine Gael, talk about Fianna Fáil.
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What about the Minister for Transport, Deputy Dempsey, and the roads?