Brian Cowen (Laois-Offaly, Fianna Fail)

We have had 27 hours of debate on Second Stage of this important legislation and another two hours of debate will take place today. We need to move on to Committee Stage to deal with the detail of the Bill and it is only fair and right that we do so. It is important to point out that, while people discuss the legislation and have their views on it, it is far more expensive to contemplate what would happen if we did not proceed with the Bill. We would put at risk all that we have achieved so far.

When EU Commissioner Almunia was here he made the point very clearly about the need for the country to move forward with the national asset management agency solution. It also has continuing support from the European Central Bank and the IMF. There are far more than certain individuals, however eminent, speaking about this matter. The concepts of fair economic value and long-term economic value are accommodated for in the EU guidelines on distressed assets. It is a fair contention that the outline the Minister has put on these aspects of the legislation would be regarded by most people as reasonable.

We must move forward with the Bill. Second Stage is due to conclude at 7 p.m. and I anticipate that Committee Stage will be taken on the weeks beginning 21 and 27 October, pending the agreement of arrangements with the Chairman of the Committee on Finance and the Public Service. It is important that we move forward on this basis.

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