Kieran O'Donnell (Limerick East, Fine Gael)

I move amendment No. 1 to Seanad amendment No. 9:

In line 2, subsection (4), after "knowledge if" to insert the following:

"following consultation with any Committee of the Houses of the Oireachtas established to monitor Acts done in the furtherance of this Act, the Minister is of the view that".

During the Committee Stage debate in this House, the Minister took on board the possibility that an Oireachtas committee should be involved in the process of making appointments to the valuation panel. It is regrettable that he did not see fit to include a statutory provision to that effect in this legislation. Given that €54 billion of taxpayers' money is at stake, Fine Gael strongly believes there is a compelling argument for the statutory establishment of a parliamentary committee to ensure there is Oireachtas oversight of the NAMA project. We feel that the Minister should appoint the members of the valuation panel following consultation with such an Oireachtas committee.

When I examined the various categories set out in the amendment before the House, it struck me that people with expertise in taxation should have been included as being essential to the expert group. Such people would have a knowledge base in the valuation area. We are keen to ensure there is proper oversight. It is interesting that the Minister agreed to make a worthwhile amendment to give the Joint Committee on Finance and the Public Service further oversight in terms of finance and the NAMA board. If I am correct in my interpretation, the Minister has clarified that the special purpose vehicle will report to that committee as well. Nevertheless, no new Oireachtas committee is to be established by way of statute. Such a committee would provide oversight in all financial areas and make an input into the appointment of experts and members of the valuation panel. It would reassure the general public that its interests are being looked after by its elected representatives. That is why I have proposed amendment No. 1 to Seanad amendment No. 9.

I am extremely disappointed that the Minister has not agreed to provide for the establishment of an Oireachtas committee under this legislation. I am dissatisfied with his decision not to include details regarding credit guidelines in the Bill. I am disappointed that he is not taking action in this legislation to protect mortgage holders, in terms of repossessions, in their dealings with the banks. This should feed into a change in the regulation of the banking system. The banks appear to be resisting the necessary change from a principles-bases system of regulation to a rules-based system of regulation. At all times, we need to protect the people living in this country. This measure would not hamstring the banks in their operations. The Oireachtas committee would not inhibit the operations of NAMA. It would bring about proper reporting structures and legislative protections for mortgage holders. When mortgage holders go into a court of law, the judge should have a legal basis on which to make rulings that ensure they do not lose their homes. We need to include a mechanism in the NAMA legislation that will ensure people benefit from better governance, better legislation and better oversight of NAMA. I hope the Minister for Finance will take this amendment on board. Although he has given an assurance that an Oireachtas committee will be established, he should have gone further by properly assuring the general public that such a committee will have a legal basis.

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