Peter Power (Limerick East, Fianna Fail)

To quote words of the Minister, the taxpayer is already deeply embedded in the banking system through our shareholding, but does that mean that because we have an interest in those banks the taxpayer, through freedom of information arrangements, by some other amendment or under this particular arrangement and Members of the Oireachtas would have access to the individual accounts or performing loans of members of the public? That is a proposition a bit too far and does not create the balance we mentioned at the outset.

There are extensive provisions in the Bill for reports, including annual forecast statements, annual accounts and quarterly reports from NAMA to be presented to the Oireachtas. Furthermore, regular oversight by the Comptroller and Auditor General and Oireachtas oversight through the Committee of Public Accounts and the proposed Oireachtas committee to be set up at the invitation of the Minister will be provided for in the Bill. Deputy Rabbitte made an important point with regard to the distinction between auditing and scrutiny. It is important to have proper auditing post the event in the normal way by the Comptroller and Auditor General and for this to be subsequently scrutinised by the Committee of Public Accounts. However, this is not auditing. This is oversight and scrutiny, which would be done on a monthly basis if this amendment was accepted. I ask Deputy Rabbitte to accept that distinction.

See this speech in context