NAMA good enough for EU Commission but not for Fine Gael - Fahey

Fianna Fáil TD for Galway West and Member of the Dáil Finance Committee, Frank Fahey, has totally rejected Fine Gael criticisms of NAMA following its EU approval today.

Deputy Fahey said their stance was disappointing but unsurprising given that Fine Gael have opposed every initiative this government has taken to restore the Irish economy to growth.

Deputy Fahey continued “Fine Gael continue to pour cold water over NAMA despite the European Commission giving it the green light today with Competition Commissioner Joaquín Alumnia describing the agency as ‘key to cleaning up Irish banks' balance sheets.’ Now that NAMA has been approved Finance Minister Brian Lenihan will be shortly issuing guidelines to ensure that SMEs, sole traders and farm enterprises can have credit refusal decisions reviewed. Furthermore, the credit review system will examine the credit policies and practices of the banks in respect of SMEs. This will then help the Minister to decide what further action might be necessary to help get credit flowing".

"Banks are the lifeblood of the economy and NAMA is a vital part of our plan to get the banks functioning again. Despite support for NAMA from the IMF the OECD and the European Commission Fine Gael continue to oppose the plan.”

“Does Fine Gael really believe they have more expertise than international organisations?”

“The approval of the plan today shows that Fine Gael and its Senator Eugene Regan were wrong to oppose NAMA in a formal complaint to the EU Commission.”

“As European Commissioner Alumnia commentated today ‘this is an important step towards the overall restructuring of the sector and its return to a normal and responsible functioning of the market’. Isn’t it time Deputy Bruton and his colleagues came board and supported our plan for national recovery?" concluded Deputy Fahey.