Richard Bruton (Dublin North Central, Fine Gael)

As Deputy Gilmore said, the IMF has stood over its estimate of the cost of the failures in regulation, banking and public policy in terms of what the ordinary person will have to pay for the adjustment in our banking system. Against that background, I would like to press the Tánaiste further on the plans for the legislation on the national asset management agency. I do not want to understate the importance of this issue. It is possibly the most important legislation the House will ever pass. The scale of the commitment we are entering into on behalf of the taxpayer is unprecedented.

We heard from the Taoiseach yesterday that he is to proceed on the basis of an interim board being established over the summer. I would like to clarify on what legal authority that interim board will be acting. Will it make decisions that compromise the position of the Dáil?

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