NAMA will works sez Frank. Frank is basing his comments on a briefing sent by Brian Lenihan and the dept of Finance to all government TDs with a strict instruction to work their own local media up. Naturally Franks bolded assertions are not backed up with any specific information but you get an idea of what Finance is telling them to say down the country .
Some of it is extracted from/references without attribution an Alan Ahearne op-ed in the business post last week , see here
Frank’s support for NAMA should be broadcast far and wide. He and his ilk have benefited from the banks largese. The public are just beginning to turn. Support form Frankeen will push the public furhter into resisting NAMA.
“pre emptive nationalisation”? Spin bluster and bullshit.
However, "The IMF, he said, report that temporary nationalisation could become necessary but must be seen as complementary to Nama. " is interesting. That’s a number of times now we’ve heard the roll-back on the “no, nay, never”.
Get ready for a big dilution. Concentrate on the other odious aspects of NAMA. The price battle has been won (and may have been a smokes and daggers act all along).
What about private equity?
What about derivatives?
What about transparency?
What about Dail oversight?
So, what are the assets? Who are the loans to? How will they be worked out?
I agree, there’s definately been a softening in the Govt position re. nationalisation. I get the feeling that they now realise they can’t value the loans high enough to plug the capital gap and that we (the taxpayer) will have to capitalise the banks post NAMA. Public pressure, on the Greens in particular, seems to be bearing fruit.
That article of yours references a notorious stunt pulled by Frank in 2006 . While junior minister for justice he alleged that certain people were engaged in a deliberate smear campaign against him ( hoping to keep his investment advising career in Moscow quiet ) and sent the guards off investigating for 6 months . It worked. A long series of articles on Franks business dealings came to an end in the Irish Times .