Michael Mulcahy (Dublin South Central, Fianna Fail)

As we approach the end of what has been a fruitful debate, we must acknowledge that we all come to the issue from different perspectives. The different parties have different policies on whether we should create a good or bad bank or whether we should nationalise the banks. However, it is important to realise that we all have the same primary interest. We understand there has been a severe economic crisis here and in other countries in the major western economies and that we need to get out of that in a relatively orderly fashion.

The Government has come up with this proposal, which despite the best efforts of some people stands up to serious scrutiny. People may have different points of view and argue for those, but the NAMA plan is a serious considered proposal. In my knowledge of parliamentary affairs, this Bill is unique as it and the draft business plan were put out for consultation. Therefore, people of a different point of view have had the opportunity to review and scrutinise the documents and prepare their arguments.

In approaching this debate people should be obliged to be clear, straightforward and completely honest. I found a remark made by the Sinn Féin representative, Deputy Morgan, not as accurate as the debate merits. He said NAMA amounted to a bailout for builders. When NAMA acquires these bank loans or assets, the liability of every builder and developer remains for every cent.

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