Josepha Madigan (Dublin Rathdown, Fine Gael) | Oireachtas source

I thank Ms Nolan, Mr. Carville and Mr. Reid for attending the committee again. I wish to focus on something that has not been raised. I have a viewpoint; I am not saying it is the correct one. The National Asset Management Agency Act was enacted in 2009. It seems that speed has been put above any other strong import regarding this legislation and at the expense of the rest of the rationale for the Act.

Ms Nolan mentioned the word "expeditiously" on numerous occasions. She mentioned that in the report. Even though I have not put this to NAMA, I intend to do so. To be fair to it, in a sense it was straitjacketed because of the language used in the NAMA Act. Section 2 refers to being expeditious and, I think, efficient. Sections 10 and 192 also mention it. There is nothing about reasonableness or appropriateness. The cost is mentioned, but it is all about haste and expeditiousness. It is given a ten-year limit.

I do not know if it is outside Ms Nolan's remit to answer a question like this. Does she think it was far too tight and too restrictive on NAMA if the pressure was to sell, sell, sell? I suppose with my legal background I am interested in the legislation. It occurs to me that the scope of it is too limited and the language was too restrictive. What are Ms Nolan's views on that?