Seán Barrett (Dún Laoghaire, Fine Gael)

We are seeking to ensure that the Houses of the Oireachtas will have in place a committee of qualified people who take their job seriously. I have no doubt there will always be within this House sufficient Members willing to be serious members of the committee and behave in a responsible manner.

One of the proposed functions of the committee is that it will approve the membership of the valuation panel. It is likely that membership of the panel will change owing to retirements and so on. There will be many changes in this regard throughout the period of operation of NAMA. I do not believe it is any harm to provide for Members of the Oireachtas to satisfy themselves that replacements are suitable persons. This is not as simple as setting up a panel, reviewing it on the first day and that is it. There will be many changes.

I am sure the directors of the master special purpose vehicle will also change from time to time. I would like to be satisfied that the shareholders' representatives will continue, in the taxpayers' eyes, to be suitable persons to serve as directors. Likewise, in respect of the State nominees. There is nothing but good to be gained from the establishment of this committee. It will in no way interfere with the day-to-day workings of NAMA or the master special purpose vehicle. It will, in my opinion, be a source of assurance to the public that somebody is keeping a watchful on all aspects of this legislation. As I stated previously, there are vasts amounts of money involved in this operation. There is no reason that on occasion, when the committee deems fit, its meetings should not be held in public session. This too will provide assurances for people in terms of the oversight necessary in this area. This should be done in public so that people can be satisfied that matters are progressing to their advantage.

I appeal to Members of this House to think positively about the creation of this committee, the purpose of which will be to ensure that the intent of the Act will be borne in mind at all times and to ensure the Oireachtas will have a watchful eye over the actions of the various bodies and associations involved in this process.

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