Billy Kelleher (Cork North Central, Fianna Fail)

The NAMA proposal is also being looked at by other countries. We are not alone in having impaired assets in our banks. The Germans have had that difficulty, as have the French and the Spanish. NAMA is a proposal that is gaining favour not only in Ireland but outside it.

The commentary on NAMA is favourable. It is acknowledged that the Government is doing everything possible to ensure we have a stable financial banking system that can go to the wholesale markets, access credit and allow credit to flow into the broader economy and to home mortgage applicants. I urge Members to support the Government's proposals and not use populist soundbyte politics. I understand why this happens, but in a time of crisis, we should have serious debate on the issues rather than flippant throwaway remarks such as "an bord bailout" or saying we are taxing people to give to the bankers and developers. There are charges on the banks for capitalisation and charges on them for the guarantee. NAMA will take the impaired assets from the banks and allow them to trade in a manner that will assist the broader economy.

I note that those proposing nationalisation are standing on both sides of the fence and are relying on shareholders being reimbursed at a later stage of nationalisation. They are trying to play all sides by proposing setting up a trust so that shareholders can come back in a few years' time. That is the each way bet.

I make this comment in the broader context of flippant political points. Commentary in this House is picked up on international markets. I was in London two weeks ago where it was remarked by many people there that debates here are watched -----

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