Kieran O'Donnell (Limerick East, Fine Gael)

I agree with Deputy Burton on the issues. The amendments drafted by the Minister made no reference whatsoever to the SPVs so I tabled an amendment to relate to group entities because I expect that SPVs will do all the work of NAMA and effectively will be NAMA. We could have a situation where the legislation refers to NAMA but people could be employed by the SPVs; the legislation would be unworkable outside of the contradictions that Deputy Burton indicated.

I welcome and acknowledge that the Minister has accepted the amendments. We have debated NAMA for more than 100 hours and we still have people who were involved in the banking system walking around and appearing to be above the law. Apart from dealing with NAMA's structures we have to ensure that proper regulation is introduced and people are brought to book.

Has NAMA been approved by the EU? How long will that approval take? Will the legislation be signed into law by the President before it goes to the EU? That is up in the air. We could have spent the past 100 hours debating something which the EU may not approve. These are valid questions that need to be put.

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