NAMA is good news for local economy in Kilkenny – Aylward

Posted on 17/09/09 by Bobby Aylward

The introduction of the National Asset Management Agency is good news for the local economy according to Kilkenny Fianna Fail TD, Bobby Aylward.

 

“Since the country’s financial difficulties began a year ago, local businesses have suffered with their access to credit from banks being severely hampered. This has put businesses and employers under severe pressure and has resulted in the failure of enterprises and an increase in unemployment.”

 

“Our economic recovery is based on three factors; getting the public finances back in order, restoring competitiveness and having a healthy banking system.”

 

“NAMA will ensure that credit flows again to viable businesses and households in Kilkenny by freeing up the banks to lend again. This is essential for our economic recovery and to secure jobs and businesses.”

 

 “NAMA will buy land and development property loans and certain associated loans from the banks at prices that are well under the current book value. NAMA will manage these loans over time to achieve the best deal possible for the taxpayer.”

 

“NAMA has the support of the IMF and the European Central Bank as well as leading economists and two former leaders of Fine Gael.”

 

“This is not about bailing out the banks this is about securing the flow of credit for Kilkenny businesses and households.”

 

“If Irish banks were allowed to fail it would have devastating consequences for us all. It could result in the loss of savings for customers and would undermine confidence in the whole sector requiring even greater intervention to repair the damage.”

 

“Any builders or developers who avail of NAMA, will still have to repay the full amount. Any defaulters will be dealt with through the courts and their names will be made public.”

 

“There are no easy solutions to our economic difficulties but if we don’t work to protect our economy we will not be in a position to benefit from the recovery that appears to emerge in the US and Europe.”

 

“I am satisfied that NAMA is our best option. I know that the Minister for Finance Brian Lenihan has worked hard to ensure that all opinions and views on how best to proceed were carefully considered. That process is on-going as the Dail debates this Bill and I would urge the opposition to take up the Minister’s invitation to engage positively with the process and make suggestions on the legislation. Our economy and the future of this country is too important to play politics,” concluded Deputy Aylward.