Dáil debates

Thursday, 12 November 2009

National Asset Management Agency Bill 2009: From the Seanad

 

1:00 pm

Photo of Arthur MorganArthur Morgan (Louth, Sinn Fein)

I share the concerns of Deputy Burton. The master SPV will operate on the sidelines and it is proposed that the board of NAMA will comprise much of the board of the master SPV, which we need to distinguish from all the small SPVs which are likely to appear. One would expect every member of the board of NAMA to be very involved in finance matters, so why is there a need for a finance committee? It causes me some concerns because it seems as if the Government is making an excuse or providing an escape clause in advance for such people by allowing them to argue that a recommendation came from the finance committee. That is unacceptable and the board needs to be fully accountable for its decisions. The amendment would do harm to the Bill because it proposes to corral an issue of the utmost importance, namely, the €54 billion passing through the coffers of this organisation. It is critical that all of the board examine this matter and any financial issues be discussed fully in an open forum by the board and not corralled or diverted into a side committee which may not be fully accountable.

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