Paul Gogarty (Dublin Mid West, Green Party)

We have heard many a conspiracy theory over the lifetime of NAMA, that it is a bail-out for banks and a bail-out for developers. Deputy Burton seems to believe that this small little technical amendment is a conspiracy in itself whereas I regard it as crystal clear. NAMA does not operate in other jurisdictions, which is stating the obvious. There is no other way around it and there is no conspiracy. The conspiracy was that councillors from many parties aided and abetted speculators and developers in rezoning lands which led to the property bubble. This was the conspiracy and hopefully this is now over. However, we are paying the price for that conspiracy but there is no conspiracy here today with regard to Seanad amendment No. 8. There are far more important sections of this legislation which we should be discussing, such as the next Seanad amendment relating to sustainable planning which, in the practical operation of NAMA, will have more far-reaching implications——

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