Kieran O'Donnell (Limerick East, Fine Gael)

Given the timeframe in which this came back before the House, we have had little or no time to consider the amendments. Many of the major Dáil Report Stage amendments were never discussed, including the subordinated debt, about which we hold very strong views. Some €7 billion over market value is being paid, only €2.7 billion of which is subordinated. We feel it should be €7 billion. The taxpayer is taking the bulk of the risk. On the issue of the Comptroller and Auditor General effectively reporting to an Oireachtas committee, we consider that the Oireachtas committee should have been put on a statutory footing. We had tabled amendment No. 43 on the register of bank assets, which will be a big issue when NAMA becomes operational.

There is also the issue of security and performing loans going into NAMA. If there is any further activity by those individuals in dealing with mainstream banks they will have no security with which to operate and they may not be able to get loans. We never got to debate in any great depth the issue of the surcharge. The Minister tabled an amendment, which means that a bank levy may never be paid because it is in the form of a surcharge on corporation tax. We had no proper time to debate the issue. Instead of the surcharge being based——

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