Brian Cowen (Laois-Offaly, Fianna Fail)

With regard to NAMA, I point out to Deputy Kenny once again that the means by which we deal with the problem of credit availability in the Irish economy is by ensuring that banks get access to funds either through their deposits or through access to wholesale money markets. What the NAMA legislation achieves is to identify the level of distressed assets. Without identifying that level of distressed assets, the ability to obtain credit from the financial system is not what it would otherwise be in the Irish banking system. To use that figure for the level of distressed assets as a means of leveraging further credit into the Irish banking system from the European Central Bank is the best means by which we can do that. There is plenty of support for that position, including among many in the IMF. The EU has guidelines relating to these matters. All of them are supportive of what the Government intends to do in this area.

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