Seán Fleming (Laois-Offaly, Fianna Fail)

It is important that money is lent out to Irish businesses and not left sitting as a temptation for foreign companies to come in and take over some Irish banks after the Irish taxpayer has put funds into them.

One issue which was raised outside this House - this is my first opportunity to mention it here - is the role of the Minister outlined in section 122, which refers to the powers assigned to the Minister under this Bill and which would be more properly carried out by a judge in the Commercial Court or the High Court. We have all seen the excellent activities of judges in the High Court, the Commercial Court and the Supreme Court who implement legislation strictly which was passed by these Houses on companies who have been trying ducks and drakes with the financial system in Ireland. They have been getting answers.

The people of Ireland would have far more confidence in the final arbiter of valuation of any asset in the event of a dispute between individual banks and NAMA. I and the people would be much happier, and the Minister would be better off, if he was not directly involved in any role in the process because there would always be an allegation of political involvement in it. The best way to ensure that does not happen is to make provision in the Bill that in the event of a dispute, the case goes to the Four Courts to people who have more experience in dealing with complicated property transactions than anybody in the Department of Finance, who would be called upon to advise the Minister for Finance on this issue, could possibly have. It would increase public transparency and would remove the suggestion that has been made in many quarters of a close relationship between politicians, the banks and the construction industry. It would be good for everybody concerned if we could do that.

The Minister will be responsible to this House for NAMA and will, ultimately, be the largest shareholder in the individual banks. It would be a conflict of interest for any Minister or Government to be involved in the valuation process when they have responsibility for NAMA and the banks.

See this speech in context