Brian Cowen (Laois-Offaly, Fianna Fail)

He is talking about the importance of getting it right and he highlighted the issues that have to be addressed. We intend to address all of those issues.

Obviously, we have a steering group in place. It includes the representatives of the Department of Finance, the Office of the Attorney General and the NTMA, including Brendan McDonagh, who unfortunately was unable to attend the committee meeting in question due to a family bereavement. All of that work is taking place as part of the work to prepare the legislation, which is being proceeded with and which we hope to publish this summer before we break up. A lot of work is taking place and it is well under way. The heads of the Bill should be brought to Government next month.

As Deputy Gilmore said, in tandem with the work on the legislation, the practical preparations are being progressed. As the Deputy knows, Brendan McDonagh of the NTMA has been appointed as interim managing director. The Minister for Finance has directed the NTMA's chief executive to provide the necessary resources to support the work of the interim managing director in preparation for NAMA. We know that, as it currently is, the NTMA does not have the staff and expertise in this matter. It will recruit, as it has done in respect of every task it has been asked to take on. It has done so very professionally and well. The Minister will soon appoint an advisory committee, which will provide a range of expert advice both to him and to the interim managing director. We are engaged with the EU Commission with a view to ensuring that the final structure of the National Asset Management Agency is consistent with EU guidelines on asset purchase schemes and State aid rules.

On the appointment of expert advisers, as is being currently proceeded with by NAMA through the aegis of the NTMA, substantive work will begin on the analysis of eligible assets, valuation methodology, management of engagement with the financial institutions and identifying how one goes ahead with a viability review in line with EU Commission requirements. All of that practical work will go on in tandem with the preparation of legislation.

Yes, it is a complex area. Yes, it is an arduous task. It is a necessary task that has been undertaken in the way that has been outlined by the Minister for Finance. Of course, it is important to get it right and that is precisely the task that we are undertaking currently.

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