European Commission approval of NAMA shows Fine Gael was wrong to object to EU Commission
Local Fianna Fáil TD Niall Blaney has welcomed the EU Commission’s approval of NAMA today. 26/02/10The green light from the Commission shows that Fine Gael was wrong to object to the Government’s plans, he added.
“I am glad that the EU Commission has given its approval for NAMA. It has confirmed that the NAMA plan is in line with guidelines governing state aid in the Union.”
“Fine Gael have fought our plans to stabilise the economy and restore the banking sector tooth and nail but, despite this, the Government can now get on with the business of acquiring loans from the banks so that banks can return to liquidity and credit can be freed up again.”
“The EU Competition Commissioner Joaquin Almunia has agreed that taking action in this way is key to cleaning up the balance sheets of our banks.”
“He said that it is ‘an important step towards the overall restructuring of the sector and its return to a normal and responsible functioning of the market’.”
“The Commission also agreed that it includes an adequate burden sharing mechanism’.”
“The EU approval for the plan shows that Fine Gael Senator Eugene Regan was wrong to try to delay the process with his 20 page, formal complaint on behalf of Fine Gael to the EU Commission last year. His attempts to stall the plan were not in the national interest and it shows up Fine Gael’s style of objecting for objection sake, for what it is.”
“Despite the lack of support from the Opposition, the Government can now proceed with the EU approved NAMA plan with a view to returning financial stability to our economy and to get our banks lending again,” concluded Niall Blaney TD.
