Joan Burton (Dublin West, Labour)

The reply states:

Yes, land and development loans outside of Ireland will be eligible for transfer to NAMA, subject to consideration of the legal issues involved. This is essential to ensure that the banks are completely cleansed of their exposure to their identified riskiest loan category. UK exposure is a significant part of the bank's total land and development portfolios and therefore needs to be included in the transfer of NAMA as part of the overall solution.

It is scandalous and outrageous that taxpayers - hard-working PAYE earners - will be burdened with the cost of property speculation in the United Kingdom. How can the Government stand over this? Who will be responsible for the valuation of these United Kingdom assets? In addition, I am aware of the existence of smaller portfolios in the United States, Spain, Dubai and elsewhere. Is the taxpayer to pick up the tab for property portfolios throughout the world? From 1 May, Lorraine and Colm, the fictional couple used by the Department for illustrative purposes, will be liable for an additional €100 per month in health levies and an additional €50 per month in other levies in order to pay for the global speculation of some of the greediest people on the planet, those who have also shown themselves to be some of the most stupid people on the planet. Why should we pay for their greed and stupidity?

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