Wednesday, 16 September 2009
National Asset Management Agency Bill 2009: Second Stage
Brian Lenihan Jnr (Minister, Department of Finance; Dublin West, Fianna Fail)
-----I am not prepared to contemplate the establishment of an entity that has no responsibility or accountability to this House.
Part 8 governs the relationship between NAMA and participating institutions. Part 9 gives certain powers to NAMA to allow it to deal with bank assets transferred to it. Part 10 deals with legal proceedings. Part 11 governs the disclosure of confidential information to NAMA. Part 12 deals with the conduct of participating institutions. Part 13 deals with various miscellaneous matters. Part 14 deals with the review. I, as Minister, may at any time require NAMA to report on the progress it has made. I will assess at 31 December 2012 and thereafter every five years the extent to which NAMA has achieved its objectives. The Comptroller and Auditor General will report at 31 December 2010 and thereafter every three years on the progress being made by NAMA.
Part 15 deals with technical amendments. The Schedules also contain a number of technical amendments. I also propose to bring forward a number of amendments on Committee Stage. The main proposed amendment is that windfall gains on rezoned land will be subject to capital gains tax at the rate of 80%.