NAMA 'death warrant' hanging over us
The voice of reason has been spoken by the Supreme Court on the Liam Carroll appeal for enough time to stick the taxpayer, through NAMA, with paying bloated values for property assets which have no basis for assessing their true worth now or any time soon.
It is incredible how, within an hour of the ruling, that the Department of Finance could issue a statement to the effect that NAMA will proceed unaffected by the judgment. Clearly the disdain shown by the State to its citizens is set to continue unabated.
Three months ago, you published a letter from me calling for a referendum on NAMA. I believe that the dangers inherent in NAMA are staggering. I have no confidence in this Government to do anything other than facilitate an enormous over-payment of our money to the banks for property assets that have no prospect of recovering to even 50pc of the value ascribed to them when the irresponsible lending took place. This will be a disaster for Ireland.
Regrettably there is but one solution to this problem and that is to nationalise the banks. NAMA can make sense after nationalisation. It cannot be the other way round as we will see our money paid out in exchange for grossly over-valued assets and we will have no control over those who are in charge of the banks.
If we do nothing then the NAMA legislation will be passed and sent to the President for her signature by the end of September. The enormity of this brings to mind the sadly prophetic words of Michael Collins on signing the treaty as "feeling I have just signed my own death warrant".
Patrick Byrne
Dublin 14
The Irish taxpayer will be screwed left, right and centre when NAMA is up and running.
The Government will tax us more to repay the massive debt they will accrue on our behalf and the banks will hike rates so they can make the huge profits they need to justify their existence to shareholders.
It is about time we woke up and smelt the coffee. The only people who will benefit from NAMA are the banks, the private investment funds and the shareholders. And the home buyers are being hung out to dry.
Justice in this country is the preserve of the elite.
Martin Barnes
Carrick on Shannon
Co Leitrim
