Micheál Martin (Cork South Central, Fianna Fail)

The overall NAMA solution has received significant national and international endorsement. Commissioner Almunia, in his previous role as Commissioner for Economic and Monetary Affairs, stated that NAMA should be approved as quickly as possible. That was in October last. In his current role as Competition Commissioner he approved NAMA last Friday. Of the investment community 80% of respondents to a Bloxham survey agreed that NAMA has and will continue to improve sentiment towards the Irish economy. The European Central Bank has approved NAMA and will be an integral stakeholder in its operation. The Secretary General of the OECD indicated that we must stabilise the financial system and take out the toxic assets that are eating the good credit and put those aside, then we can recapitalise the banks so they can continue to lend to businesses. The recent comments of the Governor of the Central Bank, Mr. Patrick Honohan, not the previous governor but the present one, were that he had said all along that NAMA is an essential part of the strategy, that it does a number of things; provides the banks with capital as a buffer against future risks and provides them with liquidity so that if they want to make loans they can do so.

See this speech in context