Dáil debates

Wednesday, 16 September 2009

National Asset Management Agency Bill 2009: Second Stage

 

4:00 pm

Photo of Brian Lenihan JnrBrian Lenihan Jnr (Dublin West, Fianna Fail)

-----and that mortgage could be put around the Irish people's necks here and now, not in ten years time.

Of equal concern is the damage that would be done to any possibility of recovery in the financial system. The new capital injections would lead to effectively full nationalisation of the banking system. Full nationalisation is Labour Party policy, but it carries with it a very real possibility that those who provide our banks with the funds they need to continue their operations would reduce their level of funding. The simple fact is that it is easier for a commercially orientated banking system to attract the funding it needs to provide credit for the economy. A forced nationalisation of the system would involve significant risks of reduced funding opportunities for the banks. Against a context of the global funding crisis, these are risks we cannot afford to take.

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