IBEC: Vital that citizens have confidence that interests are protected
IBEC today gave a conditional welcome to the publication of revised legislation establishing the National Asset Management Agency (NAMA).
The group that represents Irish business welcomed changes to the legislation designed to ensure greater protection for taxpayers and stressed that NAMA will only succeed if it results in increased lending to viable businesses.
IBEC Director General Danny McCoy said: "It is in everyone's interest that we move quickly to repair our banking system and restore the flow of credit throughout the economy.
"Unless this happens the economy will stagnate and there will be no recovery. It is essential that Government and the banking sector work together to ensure that the availability of credit to business is fully restored.
"Addressing the problem of bad loans in the banking system is an essential step in restoring our international reputation. NAMA provides a framework to clean-up the banks' balance sheets, which will enable them to source new funding from the private sector.
"The cost and availability of funds required will improve with the additional certainty the process provides.
"Transparency and robust oversight of NAMA's activities are vital to ensure that taxpayers' interests are safeguarded."
