Brian Cowen (Laois-Offaly, Fianna Fail)

This Bill is being brought forward by the Government as its response to the necessity to ensure that we have financial stability in this country so that we bring forward in a transparent way the means of solving the problems that have been bedevilling the credit system in the banking sector for some time, and that we do so on the basis of a very considered proposal, which is the National Asset Management Agency Bill, for discussion before the House. There continues to be a lot of misrepresentation - for whatever reason - about the motivation and purpose of this Bill, none of which is supported by the facts, as will be outlined by the Minister for Finance when he opens the debate today.

The Chief Whip has informed me that in the normal course of events the Whips will meet this evening to decide on next week's business. That is a matter for decision by the Whips. The Government has made no prior decision on the business for next week. We decided to come back this week because of the urgency and importance of this legislation to begin the legislative process. The Minister provided a draft Bill to the House more than seven weeks ago and because of the importance of the legislation he indicated his preparedness from the outset to listen to all and any constructive comment and to see in what way people wished to assist in making sure that we provide a response commensurate to the challenge that faces the economy at this time. This Bill is a full, comprehensive response by Government to meet the scale of that challenge. It has the support of the European Central Bank and the IMF and it is in compliance with EU state aid rules.

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