Noonan must act to provide missing link on funding
We don't need another Nama, but a simple financial-services liaison agency could be easily set up, writes James Fitzsimons
The banks are open for business but they cannot lend to people who need money. We need a new type of government quango to sort out our financial problems. The banks went bust and we bailed them out. The Government got what it wanted, even if it didn't know what it was. But it plundered our public finances and robbed our pensions.
Earlier this year, the Credit Review Office (CRO) told the Government that enterprises needed more funds. Last week, Michael Noonan told the Oireachtas Committee on Finance, Public Expenditure and Reform that the banks would not be forced to lend and that there was no magic bullet to fix homeowners who cannot pay.
He is happy with his newly invigorated banks and nothing else matters. He hasn't fixed the problem and things are going to get a whole lot worse.