Brian Lenihan Jnr (Dublin West, Fianna Fail)

The Deputy has asked a very wide range of questions. I should make it clear that as Minister I will continue to be fully responsible and accountable to the Oireachtas and that these arrangements relating to the NTMA will not result in any change in that regard. As the banking crisis has evolved, officials of my Department and the NTMA have worked together very closely. The demands of the crisis have required significant adjustments in the deployment of resources in both organisations. The recent passage of the NAMA legislation, together with the appointment of a new Secretary General at my Department, who took up work on Monday last, provided me with an appropriate opportunity to consider further the division of work between my Department and the National Treasury Management Agency. The Department will remain necessarily very closely involved with banking and financial services issues. However, the NTMA will be involved in discussions with the covered institutions on their capital needs and it will lead those discussions — although officials from my Department will be present because that is an area in which they have considerable expertise. They will be involved in discussions with financial institutions on realignment or restructuring within the banking sector. They will be responsible for managing the Minister's shareholding in the credit institutions and they will have some residual functions under the guarantee schemes.

It is important it is understood that the NTMA and the Department are working very closely together. A draft delegation order is currently being discussed with the Office of the Attorney General and I intend to remain fully accountable to the House for all these matters.

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