Aengus Ó Snodaigh (Dublin South Central, Sinn Fein)

Amendments Nos. 2 and 4 have merit. I support my colleague, Deputy Morgan, who stated that the Select Committee on Finance and the Public Service could be the relevant committee as proposed in amendment No. 2 in the name of Deputy Bruton. The terms of reference of that committee could be extended to cover the functions of the proposed committee. I believe the functions set out are reasonable given the enormous amount of money about which we are speaking, namely, the €54 billion of taxpayers' money that is being committed to GNuBS, which is NAMA as gaelige, although I believe NAMA rolls easier of the tongue than GNuBS. Also we have recapitalised the banks and may have to do so again in the future.

While I accept the list of duties and functions over which the committee should have oversight, I would like to propose others, in particular functions listed in a later amendment in regard to the Minister's regulations. This is another area that should be scrutinised by a committee of this House given the powers this legislation gives to the Minister. There should be oversight by the Oireachtas of the actions of the Minister. Also, the Minister should accept the proposal to establish a committee specifically dealing with the biggest ever single expenditure by this State. I believe both proposals are reasonable. If we set up a committee to deal with the vital public interest, the volume of public moneys put to one side to deal with a crisis not of the public's making but of the making of a select few in our society who creamed it when times were good and then collapsed our economy because of their greed, the public will accept that we in this House are doing our job properly.

The committee should also have the power to try to influence the policies of NAMA as it goes forward, in particular in respect of the huge amount of vacant properties that will come under its remit and how exactly it should be disposed of. Obviously, the Minister is minded to believe that the disposal of development land and half built housing estates and apartment complexes throughout the country should result in the highest possible profit, thereby recreating a property bubble, the drastic consequences of which we are now experiencing. Some of these properties could be transferred, free of charge, to local authorities to address the housing waiting lists and the potential 35,000 home repossessions next year. According to the Economic and Social Research Institute, ESRI, next year 35,000 householders will not be able to afford their mortgages. A huge number of people could potentially be added to the housing waiting list. Currently, there are 45,000 families on that list yet we have properties around the country that are vacant and ready for occupancy. In the interests of public policy, we should be seeking to influence the transfer of these properties to local authorities or housing agencies. The Government rejected our proposal to include the right to housing in the Constitution. Had it been included, it would have had primacy over the profit motive of NAMA.

I urge the Minister to consider the proposal to establish a committee to approve codes of practice and the appointment of various experts to various committees. The committee could also examine any amending legislation. The Bill before us, An Bille fán nGníomhaireacht Náisiúnta um Bainistíocht Sócmhainní 2009 - National Asset Management Agency Bill 2009 - might be as good as the Minister can provide now. However, I believe that in a couple of weeks or months - I agree with other speakers that this legislation is rushed legislation - pitfalls will emerge and the legislation, despite my opposition to it, will require to be amended. The proposed committee could review the legislation when enacted, if the Government gets its way tomorrow, to determine what pitfalls might arise and what type of amending legislation may be required. This should be done in-house by the committee and will ensure that we in this House have a role in amending legislation to ensure the organisation we have established is operating in the public interest and not in the interests of the property market as proposed in the legislation before us.

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