How talking points happen

A RTE headline with enough good cheer even for the pubs not serving alcohol on Good Friday –

IMF gives positive response to NAMA

Of course, the government has a selective attitude to IMF advice (e.g. the warning that NAMA would not increase credit flow), but leave that aside.  What  was actually said? –

QUESTIONER: I have a question on Ireland. We’ve seen the government moving to prop up the banks and recapitalize. One of the biggest one is a major loss for the biggest bank. I was wondering whether you think that the recapitalization has gone far enough and how much more needs to be done. And are you concerned about the situation–the financial sector situation in Ireland?

MR. RICE [deputy director, external relations department]: The Irish government’s extensive and ongoing support we feel has been vital to maintaining financial stability. The establishment of the National Asset Management Agency, and this week the transfer of the first tranche of eligible assets from the designated financial institutions to the NAMA, represent important steps. In terms of the recapitalization efforts, public assistance to the Irish banking system is substantial. To ensure that banks can withstand future losses, the government has moved in the right direction by requiring additional capital to cover additional risks.

A couple of things to note.  The question was botched.  It’s not clear to which bank it refers.  But it really doesn’t matter what the question was, because the answer is classic talkingpoint-ese — it doesn’t actually respond to the question, it loads up on technical terminology (“first tranche of eligible assets from the designated financial institutions to the NAMA), and doesn’t actually commit to anything specific (” has moved in the right direction”). 

But with this quote, the obliging one from Moody’s yesterday, and the distraction of all the competing figures of the cost of winding up Anglo, and the spinners just might have enough material to get through the Easter weekend.  Look for the government to spend the next few days attacking specific commentators rather than accepting the responsibility and accountability for how we got into this mess in the first place.