What is truth?

Who’s kidding who?

Mr Brian Lenihan said today NAMA may lead to the government taking bigger stakes in the financial institutions.

Should the losses of the banks be on a very large scale, a “substantial stake” would have to be taken, the minister said. The valuation of the assets will be based on a “long-term valuation which is realistic,” he said, adding in some cases that means land will never go beyond its agricultural value.

“Of course if the consequence of the valuations is that the banks suffer losses which destroy their capital base then of course of necessity the State will have to provide that capital and increase the public stake in the institutions concerned,” The minister said he doesn’t expect to nationalize the institutions “in their entirety.”

Examples of double talk “Long-term valuations”, “go beyond its agricultural value”,

“In their entirety.”

What we are hearing here is that Mr.Lenihan hasn’t got a clue!

Since the last time the Minster bought a stake in the bank’s the share price of these Banks have gone up at least 9 fold and the value of the States shares are still the same, because the minster has a clause in the agreement with the banks, for them to buy the States shareholding back at the purchase price the state paid for them

So there is no upside for the Taxpayers

Who is kidding who?

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