Regardless of the principle of whether NAMA is a Good Idea or not and whether Nationalisation is just another method of bailing out failed banks or not [you can guess where I stand on these two], the following has to happen:
Banks are saying that money is available for "viable enterprises".
What does that phrase mean in times of financial crisis?
Very, very little for most businesses.
We have to ensure that the banks support the economy and do not merely close the stable door after the horse has bolted - this means that applying rigorous rules as to what constitutes a "viable enterprise" should be frowned upon, as this means that they'll only lend to businesses that don't need money.
My clients are telling me horror stories about people caught between paying their bills and not getting paid for 60, 90, 120 days or more and needing credit facilities to tide them over and the banks are refusing to lend.
Worse, I hear tales of existing overdraft facilities being drastically reduced, in the order of a €30,000 overdraft being cut to €10,000.
The banks seem to think a sudden sharp shock will "prompt fiscal rectitude". In the case of businesses teetering on the brink it is more likely it will drive them over it.
So to qualify my first comment - "support the economy" means just that - lend money to businesses per se and do not try to make businesses jump through hoops when they are already lame, not because of their busines model, but because of the time that's in it.