Sean Barrett (Independent) | Oireachtas source

After the controversies surrounding the telephone licence, the IBRC, Siteserv and the National Asset Management Agency, NAMA, is it not time to establish at, as a general principle, we should sell assets openly? By taking the secret route behind closed doors, the insider dealings become tied up in knots and involve huge numbers of accountants and lawyers. Open auctions are superior. They are open, the transaction costs are low and the time lapse is much quicker. It is not out of the question to suggest that something be put on eBay or that an auctioneer be found to sell things. We have tried the hugger-mugger method for too long and it always becomes tied up in knots.

Regarding the powers at the centre of the current dispute, Members will have received copies of the Finance Bill and the explanatory memorandum relating to it. Regarding section 71, the explanatory memorandum states, "In particular, this Chapter provides the Revenue Commissioners with the power to seek records and documents from taxpayers and other third parties, including financial institutions." I do not know what is at stake in this regard but certainly the indication is that we must find a new way of selling these assets because it always appears to end up with insider dealing leading to political controversies. In addition, it takes far too long. Keeping it simple might be one of the ways we should proceed in the future. It appears there are powers in the Finance Bill to ask financial institutions to provide information. Certainly, my reading of the Bill, which will be brought before the House in a matter of days, is that bank accounts do not have the secret status that appears to be assumed in the current debate.