Lenihan was 'crazy' to reveal €2.5bn cost of NAMA team
FINANCE Minister Brian Lenihan was told yesterday that he was "crazy" to tell people that the so-called bad bank NAMA will spend €2.5bn on advisers over the next 10 years.
Independent senator Fiona O'Malley said that people should not be told about billions being wasted on NAMA advisers while facing €4bn in cuts in December's Budget.
Ms O'Malley hit out at Mr Lenihan as the NAMA Bill made its way through the final stages of Oireachtas scrutiny.
"We are facing a very difficult Budget as we are looking to save €4bn for next year, yet we are prepared to fork out €2.5bn in professional fees and services over 10 years to get this right,"
Ms O'Malley said it was no wonder that so many economists and estate agents are rushing to support NAMA.
"There is a vested interest here and we need to caution against it," she said. Senators will debate the legislation until tomorrow and the bill will return to the Dail on Thursday for minor changes.
Approval
It is expected that the NAMA legislation will have ploughed its way through all stages of the Oireachtas by Friday before it is sent for final approval by President Mary McAleese. Fine Gael wants the NAMA Bill to be referred to the Supreme Court -- regardless of what Mrs McAleese says.
"The legislation must be examined by the Supreme Court because constitutional, commercial law and property ownership issues arise," Senator Liam Twomey said.
Some senators are insisting that changes be made to the legislation before it leaves the Upper House.
Fianna Fail senator Larry Butler said that laws should be introduced to protect mortgage defaulters. But Mr Lenihan has already ruled out including any provision for mortgage defaulters in the NAMA legislation.
- Aidan O'Connor
Irish Independent
