Richard Bruton (Dublin North Central, Fine Gael)

Yesterday, the Minister for Finance issued a press release indicating that he intended to delegate functions to the NTMA which have a very intimate bearing on banking policy for the State. The NTMA is not subject to freedom of information requests and it does not have the same Dáil scrutiny so taxpayers do not have the opportunity to oversee its activities. These included the conduct of discussions with the banks on their capital needs, on the restructuring of the banking sector and on the guarantee. These are at the core of central policy issues as to how we are going to deal with the banks who have brought this country to its knees.

I am very concerned about this proposed delegation of functions. I can see that the NTMA can offer a role but delegating the responsibility to it is something that is a bridge too far. I ask the Taoiseach if this delegation of functions will be brought before the House so it can be properly debated before we sign off on these powers and see them disappear into an area where, at best, we will see only darkly what is happening?

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