Fine Gael proposition for banking crisis - Cowen and NAMA

Sceala Clann T.D. Location: Wicklow

Brian Cowen needs to step down and hand over the reigns to someone who is capable of inspiring confidence ...and leading the nation.
Cowen has had his chance ....he has not inspired or projected the confidence of a leader. All indications thus far suggest that ....he is simply not capable of being a positive leader of our nation.
Cowen is a very intelligent man ...Cowen is a good back office man ...but ...Cowen does not have the necessary qualities that are so important for a leader of a nation.
Cowen's appearance and presence are not up to the minimum standards expected from a small business manager. Frankly speaking ....as a leader..Cowen is embarrassing.

Fianna Fail need to act quickly ...because Enda Kenny now has a plan.
Kenny has a concrete alternative to NAMA ....I think this could force a early election.
It is very positive news.
Fine Gael won't be backing NAMA
RTE
Fine Gael leader Enda Kenny has said his party we will vote against the legislation to set up the National Asset Management Agency (NAMA) when it comes before the Dáil next month.
Speaking at the Humbert Summer School in Ballina, Co Mayo, he said the Government had refused to consider any alternative, and was trying to 'soften up' the public for a 'sweetheart deal' for the banks.

Mr Kenny described NAMA as a €90 billion 'double or quits' gamble by Fianna Fáil on the property market.
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The Fine Gael leader said the party would be putting forward its own proposals for a 'good bank', first set out earlier this year.

He said this bank - to be called the National Recovery Bank - would have a credit facility of up to €20 billion, to help get Ireland out of recession. Mr Kenny said the bank would have no toxic assets on its balance sheet and, as a result, could lend to small businesses at reasonable rates.

He said the funding for the new bank would come from an initial €2 billion injection from the Government, and sale fo good loans to the ECB. The Fine Gael leader said variations of this proposal were already working in other European countries, including France and Denmark, funded by the ECB.

Fine Gael said it would also restructure existing banks to place the risk with the shareholders and the bondholders. It would give the banks until the end of the bank guarantee scheme in September 2010 to strengthen their financial positions. 'The key will be for the banks to reduce their own debt through re-negotiation with their bondholders,' Mr Kenny said.

'If individual banks have failed to make real progress, particularly in their negotiations with the bondholders, a Fine Gael Government would then nationalise them,' he added. The party would then remove the bad assets from these banks and place them in a completely separate property management company.

'This would not be owned by the taxpayers, like NAMA, but by existing investors and bondholders,' Mr Kenny said.

Green NAMA meeting in September

The Labour Party deputy leader Joan Burton told the conference that the nationalisation of the banks remained the safest policy for dealing with the crisis.

But Fianna Fáil Minister of State Dara Calleary insisted that NAMA was the best way of tackling the current problems and he believed the Government would win the Dáil vote.

Meanwhile, a Green Party convention to debate the setting up of the NAMA is likely to be held in early September. A party spokesman confirmed this lunchtime that it had received the necessary 5 requests from local Green Party groups to hold such a meeting. The matter will now be considered by the National Executive Committee which will decide and exact time and venue.

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Fine Gael proposition for banking crisis - Cowen and NAMA