Seán Barrett (Dún Laoghaire, Fine Gael)

Section 2 states that the purpose of the legislation is to protect the interests of taxpayers, facilitate restructuring of credit institutions, restore confidence in the banking sector and facilitate the availability of credit in the economy. These are all good aspirations. As Deputies Bruton and O'Donnell stated, those of us on this side of the House do not agree with the process the Government has put forward in respect of achieving these aims, namely, the establishment of NAMA. However, we are democrats. The Government won the votes on Second Stage and Committee Stage so it seems that NAMA will proceed. We must, therefore, make do with that with which we have been presented.

Amendment No. 2 in the name of Deputy Bruton is a genuine attempt to oversee the objectives of the legislation. Such provision is not otherwise made in the Bill. I accept that the Minister will be in a position to oversee matters but the Oireachtas will have no role to play in this regard unless the committee to which the amendment refers is established on a statutory basis.

Deputy Bruton referred to the number of existing Oireachtas committees. Fine Gael would have no difficulty with a reduction in the number of such committees. In my opinion, the number could be halved. The reason for the increase in the number of committees has disappeared because the allowances for chairmen have been halved and the allowances relating to vice-chairmen and convenors have been abolished. The net allowance received by chairmen is now less that €5,000 per year. Having committees in place does not constitute an expense-----

See this speech in context