Terence Flanagan (Dublin North East, Fine Gael)

There are major flaws in the Bill which those of us on this side of the House are attempting to correct. One such flaw relates to the lack of transparency and accountability required to provide reassurance to taxpayers. What is happening is shocking and completely disrespectful, particularly when one considers that €54 billion of taxpayers' money is at stake and needs to be protected. The Minister has refused to legislate in respect of a Dáil committee to oversee NAMA. He has also failed to make provision in the Bill with regard to the freedom of information legislation. Furthermore, he has not included a separate section to deal specifically with how the master SPV and the baby SPVs will function and what will be their function.

There is a lack of information at present. It is critical that we should be informed as to who will be the investors and how the master SPV will operate. We have been told that the master SPV, not NAMA, will purchase, manage and dispose of the assets. As Deputy Lee stated, this information came as a bolt from the blue. The Minister has really pulled a rabbit from the hat. It is regrettable that we were not provided with this information at an earlier date.

Amendment No. 3 seeks to control and regulate the master SPV and the baby SPVs and to ensure that the taxpayer is protected. In that context, I hope the Minister will accept the amendment.

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