Dara Calleary (Mayo, Fianna Fail)

There are taxpayer guarantees. This morning Deputy Enda Kenny and this evening Deputy George Lee criticised the fact that bank shares rose this morning while ignoring the fact that the share price increase means the yield and return to the Government will increase through our shares in Bank of Ireland and AIB and that this value will assist us in the future.

Since the legislation was published at the end of July, the Minister for Finance has shown himself to be very open to ideas and suggestions for improvements. He has shown that he is willing to share and to take on board good ideas.

Deputy Lee criticised the model on the basis that European Central Bank rates would increase, which is correct. However, the Fine Gael model, of which he is a proponent, is built on €40 billion worth of ECB cash going into that bank. So the same issue of rising ECB interest rates would apply to his magic bank, which we have already shown not to be properly funded, not to have an operating structure and certainly not capable of delivering a functioning banking system within seven weeks, which is what Deputy Lee has been promising.

We have a chance to lead the debate in this House. While we are not saying it is perfect, through NAMA we have a chance to complete the work that was started with the guarantee by sharing ideas and making suggestions. I would love to see a response to the Minister's letter to leaders of the Opposition. I hope they will take on board his invitation to submit changes. That would be to the betterment of NAMA and would reflect well on both Houses of the Oireachtas.

One would like to believe that this is the final piece of the jigsaw. Deputy Lee was probably right in suggesting there is a time for joining up the various responses. That can be done properly and efficiently in the committee system. Under the chairmanship of Deputy Michael Ahern the Oireachtas Joint Committee on Finance and the Public Service is doing wonderful work. Perhaps it is time for that committee to combine the work of dealing with the McCarthy report, the Commission on Taxation report and NAMA to give us an overall map of where we are going. I have no doubt the Minister has that in mind, and the input of the committee will allow great progress in this regard.

NAMA will never be a popular project. It is not something people will like. However, it is essential to get money flowing in our economy again.

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