Mary White (Carlow-Kilkenny, Green Party)

While I agree in principle that more transparency and regulation is what we need, I believe, coming from a business background, that having a forensic audit every 30 days would not be practical. It would put a huge onus on a vast volume of financial transactions taking place within any 30-day working period. I agree that there must be an end to light touch regulation. We now have a new regulator in place and directors on the boards of banks will change during the next couple of years.

I am happy to say that the Green Party sought strong amendment to the Bill, namely, that there be quarterly rather than biannual reporting and that such reports would be laid before the House, which is good. This matter is addressed further in amendment No. 18.

What got us into this appalling mess was a lack of tough regulation and scrutiny. Were I to run my small business in that manner I would be bankrupt. We must ensure there is in place good, tough regulation and the most stringent oversight of what is happening in our financial markets. While I support the thrust of Deputy Burton's amendment I believe that over-regulation and the burden of scrutinising the volume of work going through NAMA in any 30-day working period is simply untenable. I believe the requirement for quarterly reporting should be sufficient.

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