Richard Bruton (Dublin North Central, Fine Gael)

He read that out as the inference that he drew from the discussions by the banks. I am asking the Minister for his opinion. Does he believe that there is no shortage of credit in the economy? That is what the banks stated and he is now repeating that. Does he agree with them when they stated that NAMA will not improve in any way the availability of credit and will not reduce in any way the cost of credit? If he agrees with those statements from the banks, what is the point of NAMA if we do not get the flow of credit? Those were the reasons the Minister advanced and the reasons we were assured this was worth doing.

Having received this appalling shock from the banks, has the Minister initiated discussions immediately with them about the availability of credit and the guidelines that he will issue, and can he give us details of the guidelines that will be put in place so that this significant undertaking by the taxpayer will not result, as the banks stated, in no improvement in credit availability and no reduction in the cost of credit?

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