Michael Kennedy (Dublin North, Fianna Fail)

Professor Honohan raised queries about NAMA in the initial stages. Now people on the other side of the House maintain NAMA is not correct because it has taken 50% deductions. When NAMA was introduced, the big problem what that it would do a fudge job. The reality is that NAMA has examined every individual loan and every bank and has brought forward the percentage deductions as it deems appropriate. The Government has taken action to give us functioning banks and enough money. I refer to the €6 billion that has been offered to AIB and Bank of Ireland to allow small, medium and large businesses and private citizens to access credit to carry out their business functions and the normal functions of buying a car or whatever they wish to purchase. I believe the Government has the correct strategy for the future.

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