FINE GAEL OFFER:THE TAOISEACH has rejected an offer by the Fine Gael leader to agree an alternative to the National Asset Management Agency.
Enda Kenny said that Mr Cowen could withdraw the Nama Bill and approach the matter in another way in the interests of all the alternatives and opportunities which existed.
“In that way, he would not be locked into a cul de sac and pulled by the nose by the banks in one direction only,” he added.
If the Taoiseach withdrew the Bill, Mr Kenny said, he was “prepared to sit down with him and work out a more acceptable and effective alternative”.
Brian Cowen said the Bill was being brought forward for one purpose: to provide a stimulus to the economy by means of a mechanism that had been devised.
“Making populist statements about it, or misrepresenting it, does not help anybody, but if that is what the deputy wishes to convey, I cannot dictate that,” he added.
Mr Cowen said that since last April, the Minister for Finance had been very clear about putting forward that proposition and, as late as last August, he had invited Mr Kenny to discuss the matter with his advisers and anyone else.
“That offer was not taken up and that is a matter for the deputy,” said Mr Cowen.
Mr Kenny said he was disappointed that, on an issue as fundamentally important as was before the House, the Taoiseach had rejected an offer to sit down and work out an alternative, which could be achieved, and not proceed down the road of economic madness.
Pressed further by Mr Kenny, the Taoiseach said the Government was presenting bonds which would provide access to ECB funds to provide a stimulus to the economy for the purpose of improving the lending capacity of the banking system.
“Throughout the last session, week in and week out, we discussed the insufficiency of lending in the economy,” he added. “We are seeking to address that issue through this proposal.”
Mr Cowen said that the Government had no motivation other than coming forward with the proposal and enacting the legislation after the Dáil debate, having listened to what members had to say and making sure the Government got it as right as it could.
