Kieran O'Donnell (Limerick East, Fine Gael)

Neither would I but I have no doubt we could rely on experts to translate it.

Bringing the SPV on board has resulted in a seismic shift. Will the SPV be dealing with all the daily activities of NAMA? Will it be purchasing and administering the assets? Will it be paying the banks their yearly coupon and will it be disposing of assets? Will it be collecting the repayments of debt through the banks? Will it be dealing with the banks on a day-to-day basis? Ultimately, the SPV is now NAMA. NAMA has been reincarnated as the SPV, yet this is not mentioned anywhere in the legislation.

The only amendments the Minister has made concern corruption and the disclosure of interests in terms of group entities. He has not focused on the financial reporting side, particularly in terms of the group CEO. As Deputy Barrett has enunciated at length, the Minister will have to provide a legislative basis for the SPV to ensure there will be no question of private investors taking a case alleging the Minister for Finance, be it Deputy Brian Lenihan or, as will no doubt be the case, Deputy Richard Bruton, does not have the power to enforce effectively the rights of the taxpayer in respect of the running of the SPV. If Deputy Brian Lenihan were to consider this as a barrister rather than as Minister for Finance, I have no doubt he would advise the Government to include the SPV in the legislation.

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