Maurice Cummins (Fine Gael)

I formally second the amendment. The Minister and the Government are at pains to state that NAMA is not a bailout for the bankers and developers. I can certainly state it is not a bailout for taxpayers. It is a sentence on taxpayers which will have devastating effects on their standards of living and impose a massive debt on each and every household, a debt for which they were not responsible in any way, a debt caused by bankers, developers and a Government which stood idly by and was arrogant enough to suggest that people who questioned its policies should consider suicide. Government backbenchers cannot be absolved either. Where were the Mattie McGraths of this world when the ship of state was navigated towards the rocks?

When the details of NAMA were outlined, I heard on a radio programme that several developers were wining and dining in Spain, and when they heard the details of NAMA, they toasted the Minister and NAMA. They obviously believed the bailout was for them.