Kieran O'Donnell (Limerick East, Fine Gael)

I move amendment No. 9:

In page 17, between lines 17 and 18, to insert the following:

"(viii) to ensure that the measures taken in this Act restore confidence in the banking sector are reciprocated by lending by the participating institutions to members of the public generally in their private capacity and to small and medium enterprise in particular,

(ix) to ensure an orderly property management strategy over a ten year period following the enactment of this Act,

(x) to recover the maximum funds for taxpayers by ensuring that the principal and exclusive purpose of NAMA is to recover the maximum funds possible for the assets acquired by NAMA under this Act, and

(xi) to take all necessary steps to prevent a recurrence of the conditions that brought about the financial crisis.".

This is an important amendment that goes to the heart of what NAMA is all about, which is, effectively, to restore the credit supply to the economy by the banking institutions. We have also tabled three other amendments in this regard, amendments Nos. 29, 32, and 78, which are critical in terms of putting down guidelines. The Minister has tabled amendment No. 127 in that regard which I expect will not be discussed due to the guillotine.

The Minister made reference to delaying on the enactment of this legislation. I suspect that the gain derived from extra time to discuss the Bill would far outweigh the loss. I am very disappointed the likelihood is that of the 133 amendments tabled, the key amendments the Minister stated he would bring forward at Report Stage, namely, the windfall tax, the bank levy and the guidelines on lending, will not be discussed.

See this speech in context