Brian Lenihan Jnr (Dublin West, Fianna Fail)

It is my stated intention that enabling legislation for the establishment of NAMA will be introduced during the summer Dáil session. As is the case with all legislation, the Dáil will have the opportunity to debate the Bill when it is brought before the House. I have established a steering group comprising representatives of my Department, the Office of the Attorney General and the NTMA to oversee preparatory work for the establishment of NAMA on a statutory basis.

However, to avoid uncertainty and minimise further deterioration in the banks' loan books, it is important that NAMA is established on an interim basis as soon as possible. This will also allow preparatory work on the necessary legislation to be informed by the initial work of the interim agency. The interim agency will be well positioned to help identify the technical issues which will have to be addressed in that legislation and to assist in discussions with the EU Commission.

I recently announced the appointment of Mr. Brendan McDonagh as interim managing director of NAMA. The appointment of an interim managing director will ensure the implementation process is driven forward in the interim period pending legislation. Mr. McDonagh will be assisted by a high level interim advisory committee, whose names I am finalising. I have also directed the NTMA to provide the necessary staffing and other facilities through its existing resourcing arrangements to support the interim operation of NAMA, pending its establishment on a statutory basis.

I appreciate that the question is whether I will publish the heads of legislation on NAMA in advance of the legislation. Draft heads of legislation are not normally published and it is not my intention that the draft heads of this Bill will be published. However, it is important that the maximum amount of briefing be provided on the proposed legislation and it is my intention to provide that briefing to Opposition spokespersons in advance of the legislation.

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