An Bord Bail Out

Posted on April 22, 2009 at 07:21 PM

Calling the National Assets Management Agency (NAMA) 'An Bord Bail Out' the Labour Leader Eamon Gilmore today pressed the Taoiseach during Leaders' Questions to explain what consideration has the Government given to nationalising the banks.

He said: "The Tasoieach I am sure will have studied the assessment made by the International Monetary Fund (IMF) which concludes that Ireland will pay a higher price to stabilise our banks than any other country and the cost to the Irish taxpayer may be €24b - the biggest Government bail out of banks of any developed country."

Eamon also cited the article written by Nobel prize winner Professor Krugman where he warns other countries not to follow Ireland's example as well as other opinions from a range of leading Irish economists on the situation. He said the message coming from all these was "that the game is up for Irish banks" and nationalisation is the only course of action.

"Does the Taoiseach accept that the point has now been reached where it is necessary to nationalise the banks at least temporarily and what consideration has the Government given to this."

The accompanying video shows Eamon's contribution and you can read the full exchange on the Oireachtas website.

Let us know what you think in the comments section below. Is it time to nationalise the banks?

Tagged with Finance • Social & Family Affairs