Why is an EU Commissioner pushing NAMA?

By Constantin Gurdgiev:

Per RTE report earlier today, “the European Commissioner for Economic
& Monetary Affairs has said he wants to see the Dáil pass legislation
to establish the National Asset Management Agency as fast as

The media reports on Mr Almunia’s statement does not explain what form
of Nama legislation (ammended or not)  does the Commissioner support.
Thus it can be interpreted in several possible ways.

If the Commissioner statement means that he prefers simply to see a
speedy solution to the Irish banking crisis, accepted by the Dail, his
statement cann be seen as a support for Nama legislation as published
by the Government, but for a package of measures aimed at addressing
the crisis in the Irish banking that will emerge from the democratic
vote in the Dail.

However, if Mr Almunia did inted his statement to be an unequivocal
support for Nama legislation as it currently stands, his statement
represents an unprecedented form of interference in the internal
affairs of the sovereign State. It is the Irish Dail, not the EU
Commission or any other international body that bears full
responsibility for passing Nama legislation. It is the Dail that bears
the final responsibility for weighing the merits and costs of Nama and
issuing the final decision on it. It is the Irish people who will in
the end bear the costs and benefits of Nama. Any attempt to influence
it from the EU Commission or from Mr Almunia in his official capacity
would be contrary to the spirit of the EU itself.

Given the confusion generated by the media reports, I would hope that
our opposition leaders will demand a direct and unconditional
explanation from Mr Almunia as to the exact nature of his statement.

Dr. Constantin Gurdgiev


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