Joan Burton (Dublin West, Labour)

I oppose the imposition of a guillotine on the NAMA legislation. When the Bill was introduced in the House, the Minister gave an undertaking that there would be no guillotine and that all Members who wished to contribute to the debate would be able to do so. At €54 billion and counting, this is probably the most expensive legislation that has ever come before the House. To suggest that it would be the subject of a guillotine prior to Members having an opportunity to make their contributions is wrong practice and procedure. Not only that, but during the weeks of the debate there has been an opportunity for people as renowned as Professor Joseph Stiglitz to come to Ireland and speak at length about the craziness - from an economic point of view - of an Irish Government paying at least €7 billion over the odds for the distressed loans.

During the period of the debate the Minister admitted that Anglo Irish Bank, a failed financial entity, requires approximately a further €6 billion over and beyond NAMA in funding from the State. That is to be diverted from items we all know are essential, not least getting credit to business flowing again. It is essential that the Government reconsiders the wisdom of imposing a guillotine and leaving us with a NAMA which is not just inadequate but which will be a millstone around the taxpayers of this generation and the next.

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