Eamon Gilmore (Dún Laoghaire, Labour)

It is going to extraordinary lengths to avoid public ownership in what it claims is the national interest. The argument for temporary nationalisation is well established and clear. It avoids the risks involved in the valuation of loans and affords taxpayers the prospect of sharing in the benefits of a revived banking system. The Minister knows this. There have been many attempts to persuade us that NAMA is TOSIT – the only show in town. The disciples of TOSIT, who must presumably be TOSERS, are everywhere and most seem to have a season ticket with Fianna Fáil.

The reality is that there are other shows in town and viable alternatives to what the Government is proposing. That proposal will cost the Irish public too much into the future. It is built on very shaky assumptions in regard to market value and the way in which that value may increase in the future. It is based on estimates that have not been fully explained and which are expressed only in the most general of terms. The Labour Party is not convinced it is a gamble worth taking. My party has advocated a better way, namely, the temporary nationalisation of the two largest banks and the cleaning up of their balance sheets so that they can resume lending to business and getting the economy moving again. This strategy will be neither easy nor cost-free, but it involves less risk for taxpayers and will more effectively facilitate a functioning banking system.

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