Turn NAMA on it's head and focus on the good banking says Richard.

Political speech by Richard. Rubbish.

Public spending waste needs to be tackled. Infrastructural investments needed. Pension fund money to fund.

Bruton says their job is to articulate alternative. Says we should be funding good banking, not bad banking

says we want to focus on good banking into the future


says we are making bad decisions at the moment... something about raising taxes, cutting frontline services etc.... says minister is doing all those things


Says we have to focus on cutting cost bad work practice, bad management in public spending. we can't hope to turn around and tax our way out of this recession.

FG have shown how to make investments vital for our future ... electricity, telecoms and so on...

So we fund 15 y assets with 1y bonds? No, they will be coupon reset bonds.

Criticzes Cowen for his blank cheque comment.

I think 1yr bonds is the plan. With infinite ECB rollover.

Bruton says lenihan pretends you cannot compromise to bank investors but European Commission instructed minister to default on anglo interest payments. it's not impossible to default.

says taxpayer does not have broad shoulders. we can't save everyone. we can't say we will write any cheque. we can't commit to private investors who knew the risks of their investments. they went in with eyes open

Interviewer hinting that FG move is to put pressure on Greens.

I presume he's talking about commercial paper issued by the NTMA - borrowing short for long assets

At least FG are focusing on the primary difference between the two plans. Bondholders have to pay.

bruton says gov is going to hang an albatross around our necks for years to come

bruton askes how come NAMA doesn't have a mechanism to check valuations used by NAMA.

bruton articulates an alternative it believes best. if dail doesn't go with FG plan, they will try their best for what the dail goes with.


bruton says NAMA and Lison are seperate issues...

Bruton capitulating - says they'll work on tweaking it if they fail to defeat the bill.

Nice bit of shuffle by Mr. Lenihan on the Swedish plan, two truthful statements and a half-truth. No mention that the Swedish state only set up bad banks for the nationalised banks. Did nothing for the private sector unless they were prepared to be nationalised. Private sector created their own solutions modelled on the public sector one, but were totally private. Only 22% of banking assets in Sweden were nationalised - that formed the basis for the famous Swedish bad banks.

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