Brian Lenihan Jnr (Dublin West, Fianna Fail)

Amendment No. 9 proposes a new set of objectives in the Bill. Subsection (viii) is already covered as the purposes are fulfilled in the amendment I have brought forward to set out guidelines relating to lending. The "orderly property management strategy" under subsection (ix) is not the purpose of the Bill. It is something that NAMA may adopt to achieve its functions. Section 11(2) addresses the property markets and states: "In the exercise of its functions NAMA shall have regard to the need to avoid undue concentrations or distortions in the market for development land."

The proposed new subsection (x) is already covered by section 4, which is then translated into NAMA's purposes in section 10(2). That is the objective of achieving the best possible financial return for the State. I agree with Deputy Higgins that subsection (x), as drafted, puts it too far.

The proposed new subsection (xi) is clearly outside the scope of the legislation. That is part of the regulation legislation to which Deputy O'Donnell referred. We have taken a first step by fusing the two boards. The necessary legislation will be before the House in the spring. We have made the necessary appointments and we are progressing with the issue.

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