Joan Burton (Dublin West, Labour)

What is the status of proposed legislation to establish NAMA as a toxic bank for failed loans to developers? It has been reported in the media that the Minister has appointed a shadow chief executive to NAMA. We have obtained independent legal advice that it is not possible for a shadow NAMA to function because under the terms of the laws dealing with the Financial Regulator there is no permission to divulge confidential information on bank loans or on the banks' books to anybody other than the authorities designated in the legislation. A shadow NAMA was described as scoping the extent of the problem and the valuation of the banks' debts. We have very clear legal advice indicating that is not legally possible. Does the Government propose to introduce legislation in respect of NAMA and, if so, when? Has the Government received advice from the Attorney General on the creation of this shadow NAMA authority, which will eventually cost the taxpayer, according to the IMF, between €25 billion and €40 billion if it is done wrongly?

See this speech in context