Should we have a referendum on NAMA?

[csirl]

Should Article 27 of the Constitution be invoked?

The opposition can force a Referendum on any legislation relating to bailouts if only 1/3 of sitting TDs sign a petition to the President that is supported by the Seanad.

Government has been defeated in the Seanad, so its quite possible that a vote to support a petition would succeed - majority is slimmer than the Dail. Would also put each and every Senator on the spot - who would like to be the Senator who refused a Referendum?

 

[VOR]

Re: Should Article 27 of the Constitution be invoked?

Very interesting. Are we still at a stage where this can be invoked? I thought NAMA passed in to law in Autumn? Stand to be corrected though.

 

[jhegarty]

Re: Should Article 27 of the Constitution be invoked?

Which bill do you have in mind ?

 

[ajapale]

Re: Should Article 27 of the Constitution be invoked?

I believe that referendums are the "tools of dictators". What would such a referendum be about and what would it achieve?

 

[mlouisa]

no there should not be a referendum - cos everyone would vote no and then we will never be out of this mess !!

 

[Bronte]

no there should not be a referendum - cos everyone would vote no and then we will never be out of this mess !!

Not sure about this as I think NAMA could be getting us into a mess not out of one. But at least it would do one thing, we might get real figures on which to make a decision if there was a referendum.

 

[ronanlyons]

Not sure about this as I think NAMA could be getting us into a mess not out of one. But at least it would do one thing, we might get real figures on which to make a decision if there was a referendum.

I'm not sure that's the case:
(a) Our financial system needs solving one way or the other. The way we've settled for - whether we agree with it or not - is to pay €43bn for assets that will be worth by 2020 somewhere between €30bn (absolute worst case) and €60bn (relatively chirpy case). So with NAMA (as distinct from bank recapitalisation) we are at most paying €13bn plus interest for fixing our banking system. Sounds like an unnecessary gamble, certainly, but in the scale of things, a small mess to get out of a big one. The budget deficit/public sector expenditure is by far the bigger worry over the coming 10 years.
(b) Why would the real figures come out if we'd a referendum?

 

[Mixednuts]

The people will get their referendum on NAMA by default ....It will come under the name GENERAL ELECTION .

 

[Brendan Burgess]

NAMA is now in force, so the referendum is irrelevant. Feel free to continue to discuss NAMA, but under new threads.