Kieran O'Donnell (Limerick East, Fine Gael)

This relates to the establishment of a finance committee within NAMA. As Deputy Burton has stated, we have discussed the SPVs at length, and they will be for all intents and purposes the operational vehicle of NAMA. The SPVs will consider day to day activity and all the powers will effectively be delegated to the SPVs. There will be a master SPV and a number of subsidiaries, baby SPVs, satellites or whatever we call them.

Will the accounts of the SPV be reported to the board of the SPV, the board of NAMA or the finance committee in NAMA? Have the implications of the amendment been thought through with regard to the workings of the SPVs on a day to day level? What value will the finance committee bring to the operation of NAMA and particularly the SPV? Will the Minister of State expand on the relationship between the finance committee and the SPV because the SPV, for all intents and purposes, will be NAMA?

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