Richard Bruton (Dublin North Central, Fine Gael)

I support the principle underpinning the amendment, which is slightly different from amendment No. 90 in my name. This is an exceptional situation where the normal rules of confidentially cannot be applied with an iron fist. We are of the view that a register should be kept. In the first instance, the Comptroller and Auditor General, on behalf of an Oireachtas committee, should have sight of this register. However, where someone defaults, his or her records should be placed in the public domain. We disagree with the Minister's assertion that this should only occur in the event of proceedings being taken by NAMA against an individual. Amendment No. 90 suggests that where a person fails to meet the terms relating to a credit facility paid for by the taxpayer, it would be in the public interest to publish and make available information in that regard.

It is extraordinary that taxpayers are being obliged to purchase these loans, which were entered into recklessly by those in the banking sector and which have brought the economy to its knees and people to the brink of misery as a result of being made unemployed or the threat that their homes may be repossessed. It is not acceptable, particularly when taxpayers have been obliged to purchase these loans, to adopt the view that these transactions should proceed under a veil of confidentiality or that relationships involved between bankers and clients are commercial in nature.

The Minister is trying to take the principle of confidentially far too far. The public interest must be defended and, in that context, a proper register must be put in place. This register must be overseen in the correct manner, there must be no sweetheart deals and the money involved must be pursued in a proper way.

We are aware, from information made available by the IMF, that bureaucratic asset recovery systems in other countries have not been successful in recovering moneys on behalf of taxpayers. We are going down the route of putting in place a bureaucratic structure and we must, therefore, try to introduce the transparent incentives that will promote the creation of an effective asset recovery mechanism.

The principle which underpins the public's right to know is important. Amendment No. 90 is slightly different from amendment No. 12 in that it identifies default as being the trigger, particularly as it appears that people who are in entirely good standing with their banks will have their assets transferred to NAMA. These individuals should have a legitimate hope that they might continue to have their projects banked, even though those projects might be transferred to NAMA under the broad terms set down by the Minister. Transparency and the public's right to know must be at the heart of this where a loan is not fully performing and all the obligations are being met by the borrower. That important principle is reflected in the amendment we are now discussing and in amendment No. 90 in my name and that of Deputy O'Donnell.

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