METRO FREE Wednesday, September 16, 2009 VSO urgently needs experienced teachers to volunteer their skills in Africa & Asia www.vso.ie Text VSO to 51500 to register your interest. (standard SMS costs apply SP-PUCA 01 2186831 PO Box 10975, Dublin 4) HELP METRO HELP THE ENVIRONMENT. RECYCLE THIS NEWSPAPER TODAY INSIDE TODAY See Page 14 Comedian Maz Jobrani talks to Metro... See Pages 4 & 5 Boxing world leads tributes to Irelands Olympic hero Darren PLUS Take part in Dublins City Chase Details: Pages 6 & 8 BY BRIAN HUTTON Nama or else, warns Cowen Taoiseach says accept bad bank or we risk stagnation Ireland will be condemned to a fro- zen economy if the new bad bank isnt set up, Brian Cowen warned yesterday. The Taoiseach insisted the planned national assets Management agency (nama) was the only way to tackle the banking crisis head-on. ahead of todays dil debate on the toxic as- sets agency, Mr Cowen said there was room for some changes in the proposals demanded by the Green Party and Fianna Fil backbenchers. But he was adamant nama was the best way to fix the banks as quickly as possible so Ireland can join in a global economic recovery. If that were not to happen, you would be condemning Ireland to a period of stagnation or worse over a long period of time, he said. The Taoiseach dismissed suggestions nama was a gamble. The big gamble for this econo- my is doing nothing, allowing the rationing of credit to continue and viable but vulnerable businesses being put under serious risk. So the cost of doing nothing is simply too large to contemplate. Insisting that it was not designed to bail out the banks, Mr Cowen vowed nama would confront the economic crisis while protecting the taxpayer. Banks and those who own the loans that will be bought over by nama will have to take loss- es, he said, adding: We are only trying to make sure the taxpayer isnt going to be the person at the end of the day that takes the loss. Fianna Fil backbencher Sean Fleming de- manded changes to current plans for how nama will be run to reduce Finance Minister Brian lenihans power over the agency. The laois-Offaly Td wants Mr lenihan to have no role in determining the value of loans that nama will buy, as he would do in the case of an appeal, under the current proposals. The Green Party has already signalled its in- tent to demand changes to how nama will oper- ate to address the concerns of its grassroots. Both Mr Cowen and Mr lenihan have said changes could be made to legislation as it passes through the Oireachtas. The Finance Minister will announce in the dil today how much nama will pay to buy 90billion in toxic loans from the banks. index.html2.html3.html4.html5.html6.html7.html8.html9.html10.html11.html12.html13.html14.html15.html16.html17.html18.html19.html20.html21.html22.html23.html