Kieran O'Donnell (Limerick East, Fine Gael)

It is critical that we get time to debate the issue of the credit flow. The Minister has tabled amendment No. 78 and the worry is we may not get the opportunity to discuss it. It is critical in terms of the orderly management of property. That is why there would be a need for proper verification of the NAMA business plan. In this regard and on the question of the subordinated debt and the maximum funds for the taxpayer, the Minister must remember that if NAMA makes a loss it is the taxpayer, not the banks, who will pick up the bill, with the exception of the figure of €2.7 billion.

There is promised legislation to reform the regulation system but no date has been given as to when it will come before the House. I would have thought it would be a priority for the Minister. We cannot have a situation where we are enacting the NAMA legislation but have no date for when legislation to reform the regulatory system, in terms of the Central Bank and the Financial Regulator, will come before the House.

See this speech in context