Paul Connaughton Snr (Galway East, Fine Gael)

I am delighted to have an opportunity to contribute to the debate. I concur with much of Deputy Fleming's contribution and I do not share the view of many ordinary people who think that because PPP projects are not as transparent as they might be for many reasons, they could not be right. However, they have a role. I sat on the Committee of Public Accounts for years and we discussed this issue at great length on several occasions. It is a major flaw there is not more transparency. This House should have more of an overview of how an aspect of State funding is employed. I am fully aware of the commercial sensitivities involved. Many people in the private sector said they would not be interested in becoming involved in a project if their private business were put up in neon lights. That is not good enough. The Minister for Finance will be the first to appreciate the only reason for the private sector to become involved in public private partnerships is that there is money in it for them and it makes good commercial sense for them. The private sector is not composed of organisations like the Society of St. Vincent de Paul. The good news for the State is that it also benefits.

Individuals deeply involved in such matters have outlined to me examples of when the State did not come out well. What happened to the NRA, especially in the early years, may relate to uneven competition between the best brains available on the private side with the highest possible level of expertise. They were dealing with people who were very well intentioned and had every reason to want to make a good deal on behalf of the State but they did not have the expertise. For that reason I commend the Minister, Deputy Cowen, on the Bill.

Everyone understands the role of the National Treasury Management Agency, NTMA. Members on all sides of the House acknowledge it handled its remit extremely well. I was impressed with how the agency conducted itself in the Committee of Public Accounts and with what it proposes to do. The National Development Finance Agency, NDFA, is under the aegis of the NTMA. I would like to think the expertise involved in the NDFA would be at a similar level to that provided by the parent body, and that it would be able to draw on all available experience and expertise. When dealing in billions of euros it is important for partner organisations to work together on an equal basis because this business is so competitive. The expertise available to this group suggests we are unlikely to see anything untoward happening in the future. I do not cast aspersions on anybody but the expertise may not have been available previously.

Having read the proposed legislation I am unclear as to the role of the Minister for Finance. Some people hold the view that the further one keeps the Department of Finance from a project the quicker and better it will be.

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