Dangerous naivety of ECB

The European Central Bank (ECB) has issued a stark warning to the Government not to pay too much for property loans bound for the National Asset Management Agency (NAMA).

The president of the ECB, Mr. Jean Claude Trichet, has also warned that it will be vital to keep tabs on the banks to ensure that they lend to business and not just use money from NAMA to rebuild their balance sheets.

Irish taxpayers have serious cause to worry at such naivety from the ECB.

It is crystal clear that this government is planning to pay well above the market value for properties in order to bail out the banks and property developers.

As for keeping tab on Irish banks? Mr. Trichet is obviously completely unaware that it is Irish banks that instruct politicians and so called regulatory agencies on policy and not the other way around.