Kieran O'Donnell (Limerick East, Fine Gael)

In the interest of consistency of contributions I will do that. I will speak to amendment No. 2. The taxpayers are investing €54 billion in NAMA. If it was the private sector, the taxpayers, like other investors in that sector, would be effectively shareholders. They would have access to annual accounts and could attend annual general meetings in order to put forward their views. They will not have such privileges under the Minister proposal.

We, as politicians, and the Oireachtas are representing taxpayers, by way of proxy, in respect of the €54 billion that will be paid out. The Minister has nothing to fear - he should embrace the notion - from the establishment of a specific Oireachtas committee to oversee NAMA. Effectively, such a committee would act in the stead of taxpayers in respect of their investment of €54 billion. We were elected to represent taxpayers and it is they to whom we are answerable.

The committee to which I refer would deal with all the main matters in respect of which taxpayers would like answers to be provided, namely, appointments to the board of NAMA, the code of practice and the appointment of the expert reviewer. The Minister has taken on board the points raised in respect of the appointment of members of the evaluation panel. In addition, I believe that, in principle, he agrees that an Oireachtas committee could have a role to play. The question arises, however, as to whether he will take a leap of faith and - this is a critical point - enshrine such a committee in legislation.

We are establishing NAMA in order to ensure that funds flow to small businesses, home owners, etc. Such funds will act as a lubricant in respect of the engine of the economy. There must be proper oversight in this regard. Like us, the Minister has tabled an amendment relating to guidelines for the banks in respect of credit flows. I am of the view that there is a requirement to adopt the same principles with regard to State investment on behalf of the taxpayer as those which apply in respect of investments made in private vehicles. Ultimately, taxpayers will be investing in such a vehicle, namely, the SPV. The majority of the shareholding will be held by private investors and the latter will form the majority of the members on the board of the SPV. Effectively, there will be a shareholders' agreement in place. I am of the view that following due consideration, the Minister will embrace the concept of establishing an Oireachtas committee which will be on a statutory footing.

The key points relating to this matter revolve around transparency and accountability. Bank of Ireland released interim financial results earlier today. The figures were published and the shareholders were able to peruse them, as is their legal right. The Minister changed the year-end relating to Anglo Irish Bank from September to December, thereby putting off the publication of its figures. Taxpayers and the State effectively own Anglo Irish Bank but neither has seen any figures since last May. All of the other covered institutions - AIB, Bank of Ireland and Irish Life & Permanent - have published interim figures since that date. There is a need for the Oireachtas to establish what, in essence, would be a super committee which would have the resources to allow it to deal with the issues that arise. In addition, an official from the Office of the Comptroller and Auditor General would be delegated to report to the committee.

The Minister has provided assurances regarding the valuation of assets prior to their transfer to NAMA and indicated that such valuation will be subject to scrutiny by the Financial Regulator and under the reporting mechanism of the European Commission. Amendment No. 2 is reasoned, balanced and progressive and will provide comfort and assurance to taxpayers going forward. It must be remembered that the money being invested does not belong to the Minister or to us, it belongs to taxpayers. In the context of the reporting requirements relating to NAMA that are contained in the Bill, taxpayers will not obtain good value for money.

Establishment of the Oireachtas committee to which I refer would provide credibility to the NAMA project. We do not agree in principle with the establishment of NAMA, the work of which will involve overpaying for assets. We are of the view that this should not happen. Be that as it may, the Government has a majority and can vote the Bill through the Houses. However, we must ensure that the necessary structures are put in place in order to protect taxpayers' interests. The committee to which I refer would be a vital component in that regard.

See this speech in context