Dáil debates

Thursday, 12 November 2009

National Asset Management Agency Bill 2009: From the Seanad

 

3:00 pm

Photo of Paul GogartyPaul Gogarty (Dublin Mid West, Green Party)

I will refer to the Minister's amendment first and then to Deputy O'Donnell's. Section 210, which is to be amended, was inserted as a recognition of the suffering to the small business sector because of the collapse of the banks. I am unsure if the fact that the Minister may issue guidelines has any relevance on the NAMA legislation, which aims to provide credit in any event. In so far as the Minister tabled an amendment to section 210, I welcome that he will issue the guidelines to the Houses of the Oireachtas, so that we can see exactly what they are. However, as I mentioned in an earlier contribution, I welcome the statement yesterday from the major banks in respect of mortgage holders.

I take issue with what has been put down by Deputy O'Donnell in the Fine Gael amendment to the Minister's amendment. Deputy O'Donnell referred to previous amendments tabled in respect of a NAMA for mortgage holders or to adopt NAMA for mortgage holders. Unfortunately for the likes of Deputy Varadkar, that will not happen. While one may wish to have dealings with mortgages and principal private residences, the whole scope of NAMA leaves out smaller transactions, loans and assets. That is implicit in the legislation. NAMA does not cover everything, it covers the bigger picture.

I have no wish for this to be taken up the wrong way, because someone mischievous will invariably do so.

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