Brian Lenihan Jnr (Dublin West, Fianna Fail)

It will force the banks to take the losses on their riskiest loans earlier than may otherwise be the case and leave them cleansed and better able to get on with their business. This asset management approach protects taxpayers. The evidence from property busts in other countries shows that the longer bankers and borrowers are allowed to deny the reality of the losses they face, the greater the ultimate cost to the taxpayer and the general damage to the economy. Cleaning the balance sheets of the riskiest classes of assets allows the management to refocus operations towards lending to small and medium-sized firms and away from property speculation.

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