When this Government is basing its decisions on recommendations of discredited accountancy companies, it is obvious that they have learned nothing from past experience.
The Taoiseach’s assumption that foreign purchasers of the Irish Nationwide mortgages would treat the holders well is naive, to say the least, while Minister Noonan’s assertion that attempts to place conditions on the sale of the mortgages could lead him open to legal challenge is nothing more than a red herring.
The ultimate cynicism in the Government’s approach to this serious issue for 13,000 hard-pressed citizens is the suggestion that any help provided would be unfair to the taxpayer. What is the basis for this assumption?
In view of the many examples of how vulture investors do their business, how can he, with any credibility, suggest that he can get purchasers of the Irish Nationwide package of mortgages to, as he claims he would. “get them to comply after the sales”.
If the Minister has any real concern for the affected mortgage holders, he would make every possible effort to condition the scale in such a way that would provide effective protection for them.
Placing these mortgages with Nama would guarantee control of their workout. The Nama strategy is one that ultimately would be best for the mortgage holders for the taxpayer and the country’s economy
Marian Harkin
Independent MEP for Ireland North and West
