Terence Flanagan (Dublin North East, Fine Gael)

I, too, strongly support both amendments Nos. 2 and 4. Fine Gael's amendment No. 2 sets out some of the functions that the proposed committee on NAMA could have. That should be considered by the Minister. I am surprised there has not been an amendment from him on Report Stage to set up a committee to oversee both NAMA and the master special purpose vehicle.

The Fine Gael Party has consistently sought a reduction in the number of Oireachtas committees and for them to be restructured along the lines of the committees in America, where there is proper scrutiny, probity and accountability. Not many committees are more important than a committee on NAMA. A €54 billion gamble is being taken and taxpayers' money needs to be fully protected. There needs to be proper transparency and accountability. The public need to know that there are no sweetheart deals or underhand dealings taking place. They need to be assured that there are proper checks and balances, especially when hard-earned taxpayers' money is at stake.

The Minister does not go far enough in only providing for quarterly reporting. I support the proposal in amendment No. 4 for monthly reporting on NAMA. That would allow for information to be provided in a timely manner, which is what taxpayers need to see. If the legislation needs to be amended in the future, that will only become apparent if there is proper scrutiny. The committee needs to become proactive in that regard. We all agree that a properly functioning committee with adequate resources is required. The sooner the Minister accepts this view and gets on with business, the better.

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