Michael Mulcahy (Dublin South Central, Fianna Fail)

Many points similar to those which have arisen in respect of these amendments were made on Committee Stage. I wish to reiterate my personal support for the idea of an Oireachtas committee to monitor the activities of NAMA. Given the huge amount of money involved, €54 billion - it could be more - the public will not be happy with any less a form of scrutiny. For this reason, I suggested during our Committee Stage deliberations last week, which I was privileged to attend although I am not a member of the Select Committee on Finance and the Public Service, that the proposed committee should be called a NAMA scrutiny committee.

On amendment No. 4 in the name of Deputy Burton, I argued against this proposal on Committee Stage and do so again now. An oversight committee means a committee that would look over the shoulder of the board and executive of NAMA. That I believe is not the function of a proper committee. In my view the committee should be a committee of this House which will monitor and review NAMA.

The wording of the amendment appears a little contradictory. It states that the oversight committee shall mean a committee of Dáil Éireann or a sub-committee thereof so enjoined and appointed by resolutions of that House and consisting of specified persons not being Members of the Houses of the Oireachtas.

To my knowledge, we have never, as an Oireachtas, appointed a committee comprised of members outside this House. This proposal is peculiar in that regard.

See this speech in context