Arthur Morgan (Louth, Sinn Fein)

We all know that the purpose of this Bill is, in the Government's view, to fix the banking system and to get it back to some kind of an even keel. We all understand the need for a functioning banking system. I would submit that the best way of doing so would be to create a State bank. The problem with the Government's policy on the whole banking issue is that it is ignoring the broader economy. The banking system cannot deal with the economic crisis on its own. Just a few days from now, thousands of people will march on the streets of Dublin in opposition to the Government's proposal to introduce cuts worth €4 billion. At the same time, this House is debating whether to hand over €54 billion to a banking sector that is neither properly regulated nor as accountable as it should be. The manner in which this Bill has been handled leaves a significant amount to be desired. The rabbit was let out of the hat last week when it was announced that an SPV will perform the functions of NAMA. The Minister has claimed that the purpose of the SPV is to keep the NAMA account off the books. I am not convinced that the State should operate with such sleight of hand. There is a need for proper and open accountability. We should face our responsibilities by dealing with this crisis in an honest way.

I would like to conclude by asking the Minister about the properties that are the subject of NAMA. If NAMA is to succeed, the properties in question will have to return to their crazy values of the past. If that happens, we will be back in a property bubble. Therefore, the NAMA gamble is crazy in any event. As the House is required to deal with a significant number of amendments, I will not use any more of its time by dealing further with this amendment.

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