It’s been a tough week on the homefront. We’ve had the AGM’s for AIB and Irish Life & Permanent. Very angry shareholders. Directors facing the music. And an additional €1.5bn privision by AIB.
However our Finance Minister has been out doing his stuff – on tour getting the Ireland message across. Frank Millar assures us in today’s Irish Times that Lenihan has been well received and has demonstrated an indepth understanding of his brief.
I have heard plenty of objections to NAMA recently – developers, press, opposition parties. In fact the head of the NTMA caused some concern by making it clear he does not have the resources to push forward with NAMA. Nationalisation of the banks has a great deal of logical appeal at this stage – if the State is to put in significant funding then the State should participate (proportionately) in the upside.
However the government cannot sit still – and needs to formulate and execute plans. This feedback would at least indicate that we have someone in charge who can explain what they are trying to do – in direct confliect with much of what is reported in the dedia and suggested by opposition politicians. I think all of this supports points previously made in this blog – there is a need for a National Agenda – preferably supported by a National Government.